Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Period End Date | 31-Mar-14 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Registrant Name | 'CommunityOne Bancorp | ' |
Entity Central Index Key | '0000764811 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 22,005,228 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Assets | ' | ' | |
Cash and due from banks | $31,591 | $31,917 | [1] |
Interest-bearing bank balances | 73,360 | 35,513 | [1] |
Investment securities: | ' | ' | |
Available-for-sale, at estimated fair value (amortized cost of $420,619 in 2014 and $438,057 in 2013) | 402,468 | 414,614 | [1] |
Held-to-maturity, at amortized cost (estimated fair value of $141,002 in 2014 and $141,125 in 2013) | 149,060 | 151,795 | [1] |
Loans held for sale | 1,961 | 1,836 | [1] |
Loans held for investment | 1,219,785 | 1,212,248 | [1] |
Less: Allowance for loan losses | -26,039 | -26,785 | [1] |
Net loans held for investment | 1,193,746 | 1,185,463 | [1] |
Premises and equipment, net | 48,172 | 50,889 | [1] |
Other real estate owned and property acquired in settlement of loans | 24,624 | 28,395 | [1] |
Core deposit premiums and other intangibles | 6,597 | 6,914 | [1] |
Goodwill | 4,205 | 4,205 | [1] |
Bank-owned life insurance | 40,210 | 39,940 | [1] |
Other assets | 32,487 | 33,551 | [1] |
Total Assets | 2,008,481 | 1,985,032 | [1] |
Liabilities | ' | ' | |
Noninterest-bearing demand deposits | 315,515 | 290,461 | [1] |
Interest-bearing deposits: | ' | ' | |
Demand, savings and money market deposits | 879,419 | 875,970 | [1] |
Time deposits of $100 or more | 236,742 | 229,395 | [1] |
Other time deposits | 336,254 | 352,879 | [1] |
Total deposits | 1,767,930 | 1,748,705 | [1] |
Retail repurchase agreements | 5,152 | 6,917 | [1] |
Federal Home Loan Bank advances | 73,271 | 73,283 | [1] |
Long-term notes payable | 5,281 | 5,263 | |
Junior subordinated debentures | 56,702 | 56,702 | [1] |
Other liabilities | 14,814 | 13,801 | [1] |
Total Liabilities | 1,923,150 | 1,904,671 | [1] |
Shareholders' Equity | ' | ' | |
Common stock, no par value; authorized 2,500,000,000 shares, issued 21,973,183 shares in 2014 and 21,861,418 in 2013 | 462,037 | 461,636 | [1] |
Accumulated deficit | -362,393 | -363,670 | [1] |
Accumulated other comprehensive loss | -14,313 | -17,605 | [1] |
Total Shareholders' Equity | 85,331 | 80,361 | [1] |
Total Liabilities and Shareholders' Equity | 2,008,481 | 1,985,032 | [1] |
Preferred stock Series A [Member] | ' | ' | |
Shareholders' Equity | ' | ' | |
Preferred stock | 0 | 0 | [1] |
Preferred Stock Series B [Member] | ' | ' | |
Shareholders' Equity | ' | ' | |
Preferred stock | $0 | $0 | [1] |
[1] | Derived from audited consolidated financial statements |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | |
In Thousands, except Share data, unless otherwise specified | |||
Amortized cost of available-for-sale securities | $420,619 | $438,057 | [1] |
Fair value of held-to-maturity securities | $141,002 | $141,125 | [1] |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | [1] |
Common stock, no par value | ' | ' | [1] |
Common stock, shares authorized | 2,500,000,000 | 2,500,000,000 | [1] |
Common stock, shares issued | 21,973,183 | 21,861,418 | [1] |
Preferred stock Series A [Member] | ' | ' | |
Preferred stock, par value | $10 | $10 | [1] |
Preferred stock, shares issued | 51,500 | 51,500 | [1] |
Preferred stock, shares outstanding | 0 | 0 | [1] |
Preferred Stock Series B [Member] | ' | ' | |
Preferred stock, shares authorized | 250,000 | 250,000 | [1] |
Preferred stock, par value | ' | ' | [1] |
Preferred stock, shares issued | 0 | 0 | [1] |
Preferred stock, shares outstanding | 0 | 0 | [1] |
[1] | Derived from audited consolidated financial statements |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest Income | ' | ' |
Interest and fees on loans | $14,081 | $14,785 |
Taxable income | 3,695 | 3,073 |
Other interest income | 151 | 212 |
Total interest income | 17,927 | 18,070 |
Interest Expense | ' | ' |
Deposits | 1,702 | 2,247 |
Retail repurchase agreements | 3 | 4 |
Federal Home Loan Bank advances | 469 | 382 |
Other borrowed funds | 274 | 264 |
Total interest expense | 2,448 | 2,897 |
Net Interest Income before Provision for Loan Losses | 15,479 | 15,173 |
Provision for (recovery of) loan losses | -684 | 110 |
Net Interest Income after Provision for Loan Losses | 16,163 | 15,063 |
Noninterest Income | ' | ' |
Service charges on deposit accounts | 1,564 | 1,376 |
Mortgage loan income | 174 | 744 |
Cardholder and merchant services income | 1,113 | 1,069 |
Trust and investment services | 358 | 241 |
Bank-owned life insurance | 252 | 263 |
Other service charges, commissions and fees | 352 | 258 |
Securities gains, net | 0 | 2,377 |
Other income | 130 | 205 |
Total noninterest income | 3,943 | 6,533 |
Noninterest Expense | ' | ' |
Personnel expense | 10,393 | 10,679 |
Net occupancy expense | 1,553 | 1,831 |
Furniture, equipment and data processing expense | 2,003 | 2,368 |
Professional fees | 633 | 1,493 |
Stationery, printing and supplies | 162 | 186 |
Advertising and marketing | 153 | 665 |
Other real estate owned expense | 261 | 883 |
Credit/debit card expense | 595 | 425 |
FDIC insurance | 639 | 670 |
Loan collection expense | 657 | 1,519 |
Merger-related expense | 0 | 1,509 |
Core deposit intangible amortization | 352 | 352 |
Other expense | 1,405 | 1,759 |
Total noninterest expense | 18,806 | 24,339 |
Income (loss) before income taxes | 1,300 | -2,743 |
Income tax expense | 23 | 1,853 |
Net income (loss) | $1,277 | ($4,596) |
Weighted average number of shares outstanding - basic and diluted | 21,935,566 | 21,698,115 |
Net income (loss) per share - basic and diluted | $0.06 | ($0.21) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income (loss) | $1,277 | ($4,596) |
Other comprehensive income (loss): | ' | ' |
Unrealized holdings gains (losses) arising during the period on available-for-sale securities | 5,291 | -4,934 |
Tax effect | -2,024 | 1,949 |
Unrealized holdings gains (losses) arising during the period on available-for-sale securities, net of tax | 3,267 | -2,985 |
Reclassification adjustment for gain on available-for-sale securities included in net income | 0 | -2,377 |
Tax effect | 0 | 939 |
Reclassification adjustment for gain on available-for-sale securities included in net income, net of tax | 0 | -1,438 |
Unrealized gain on interest rate swaps | 41 | 0 |
Tax effect | -16 | 0 |
Unrealized gain on interest rate swaps, net of tax | 25 | 0 |
Change in defined benefit plans liability | 0 | -254 |
Tax effect | 0 | 100 |
Change in defined benefit plans liability, net of tax | 0 | -154 |
Other comprehensive income (loss), net of tax | 3,292 | -4,577 |
Comprehensive income (loss) | $4,569 | ($9,173) |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (Unaudited) (USD $) | Total | Preferred stock [Member] | Common Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning balance at Dec. 31, 2012 | $98,445 | $0 | $460,955 | ($362,187) | ($323) | |
Beginning balance, shares at Dec. 31, 2012 | ' | 0 | 21,698,115 | ' | ' | |
Comprehensive loss: | ' | ' | ' | ' | ' | |
Net income (loss) | -4,596 | ' | ' | -4,596 | ' | |
Other comprehensive income, net of tax | -4,577 | ' | ' | ' | -4,577 | |
Total comprehensive loss | -9,173 | ' | ' | ' | ' | |
Compensation expense recognized | 102 | ' | 102 | ' | ' | |
Ending balance at Mar. 31, 2013 | 89,374 | 0 | 461,057 | -366,783 | -4,900 | |
Ending balance, shares at Mar. 31, 2013 | ' | 0 | 21,698,115 | ' | ' | |
Beginning balance at Dec. 31, 2013 | 80,361 | [1] | 0 | 461,636 | -363,670 | -17,605 |
Beginning balance, shares at Dec. 31, 2013 | ' | 0 | 21,861,418 | ' | ' | |
Comprehensive loss: | ' | ' | ' | ' | ' | |
Net income (loss) | 1,277 | ' | ' | 1,277 | ' | |
Other comprehensive income, net of tax | 3,292 | ' | ' | ' | 3,292 | |
Total comprehensive loss | 4,569 | ' | ' | ' | ' | |
Compensation expense recognized | 387 | ' | 387 | ' | ' | |
Shares issued as compensation to directors | 14 | ' | 14 | ' | ' | |
Shares issued as compensation to directors (shares) | ' | ' | 1,348 | ' | ' | |
Issuance of restricted stock awards, net of cancellations | ' | ' | 110,417 | ' | ' | |
Ending balance at Mar. 31, 2014 | $85,331 | $0 | $462,037 | ($362,393) | ($14,313) | |
Ending balance, shares at Mar. 31, 2014 | ' | 0 | 21,973,183 | ' | ' | |
[1] | Derived from audited consolidated financial statements |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Activities | ' | ' |
Net income (loss) | $1,277 | ($4,596) |
Adjustments to reconcile net income (loss) to cash used in operating activities: | ' | ' |
Depreciation and amortization of premises and equipment | 945 | 728 |
Provision for (recovery of) loan losses | -684 | 110 |
Deferred income taxes | 23 | 1,853 |
Deferred loan fees and costs, net | -279 | 367 |
Premium amortization and discount accretion of investment securities, net | 667 | 1,386 |
Net gain on sale of investment securities | 0 | -2,377 |
Amortization of core deposit premiums | 352 | 352 |
Net accretion of purchase accounting adjustments | -2,774 | -4,419 |
Stock compensation expense | 401 | 102 |
Increase in cash surrender value of bank-owned life insurance, net | -270 | -276 |
Origination of loans held for sale | -13,250 | -30,954 |
Net proceeds from sale of loans held for sale | 13,255 | 33,507 |
Net gain on sale of loans held for sale | -130 | -591 |
Mortgage servicing rights capitalized | -144 | -348 |
Mortgage servicing rights amortization | 109 | 46 |
Net gain on sale of premises and equipment | -11 | 0 |
Net loss on sales and write-downs of other real estate owned | 274 | 219 |
Changes in assets and liabilities: | ' | ' |
Decrease in accrued interest receivable and other assets | 1,170 | 994 |
Increase in accrued interest payable and other liabilities | 1,031 | 2,775 |
Net cash used in operating activities | 1,962 | -1,122 |
Investing Activities | ' | ' |
Proceeds from sales | 0 | 148,306 |
Proceeds from maturities, calls and principal repayments | 16,871 | 20,971 |
Purchases | 0 | -103,093 |
Proceeds from maturities, calls and principal repayments | 2,634 | 0 |
Purchases | 0 | -73,524 |
Net (increase) decrease in loans held for investment | -3,125 | 65,979 |
Proceeds from sales of other real estate owned | 2,075 | 17,614 |
Purchases of premises and equipment | -369 | -505 |
Proceeds from sales of premises and equipment | 25 | 37 |
Net cash (used in) provided by investing activities | 18,111 | 75,785 |
Financing Activities | ' | ' |
Net increase (decrease) in deposits | 19,225 | -50,595 |
Decrease in retail repurchase agreements | -1,765 | -1,374 |
Decrease in Federal Home Loan Bank advances | -12 | -11 |
Net cash used in financing activities | 17,448 | -51,980 |
Net Increase in Cash and Cash Equivalents | 37,521 | 22,683 |
Cash and Cash Equivalents at Beginning of Period | 67,430 | 239,610 |
Cash and Cash Equivalents at End of Period | 104,951 | 262,293 |
Cash paid during the period for: | ' | ' |
Interest | 2,204 | 2,754 |
Noncash transactions: | ' | ' |
Foreclosed loans transferred to other real estate owned | 268 | 3,969 |
Loans to facilitate the sale of other real estate owned | 1,699 | 2,625 |
Unrealized securities gains/(losses), net of income taxes | 3,267 | -4,423 |
Transfer From Fixed Assets to Other Assets | 2,136 | 0 |
Employee benefit plan costs, net of income taxes | 0 | -154 |
Unrealized gain on interest rate swaps | $25 | $0 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
Nature of Operations | |
CommunityOne Bancorp, or "COB" or the "Company" (which also refers to us and our subsidiaries on a consolidated basis), is a bank | |
holding company incorporated in 1984 under the laws of the State of North Carolina. Through our ownership of CommunityOne | |
Bank, N.A., or the "Bank," a national banking association headquartered in Asheboro, North Carolina, we offer a complete line of | |
consumer, wealth management, mortgage and business banking services, including loan, deposit, cash management, investment | |
management and trust services, to individual and business customers through operations located throughout central, southern and | |
western North Carolina. | |
In addition to the Bank, we own FNB United Statutory Trust I, FNB United Statutory Trust II, and Catawba Valley Capital Trust II, which were formed to facilitate the issuance of trust preferred securities. COB also owned Granite Mortgage, Inc., which ceased mortgage operations in 2009, filed for Chapter 11 bankruptcy on February 15, 2012 and was dissolved on May 5, 2014. | |
The Bank holds the stock of First National Investor Services, Inc., which holds deeds of trust for the Bank. The Bank had also owned Dover Mortgage, which had previously engaged in the business of originating, underwriting and closing mortgage loans for sale in the secondary market. Dover ceased operations in the first quarter of 2011, filed for Chapter 11 bankruptcy on February 15, 2012 and was dissolved on April 28, 2014. | |
On October 21, 2011, as part of the recapitalization of COB, COB acquired Bank of Granite Corporation and its subsidiary bank, Bank of Granite, through the merger of a wholly owned subsidiary of ours into Granite Corp. (the “Merger”). Bank of Granite was merged into the Bank on June 8, 2013. | |
We earn revenue primarily from interest on loans and securities investments, mortgage banking income and fees charged for financial services provided to our customers. Offsetting these revenues are the cost of deposits and other funding sources, provision for loan losses and write-downs in the value of, gains and losses on disposition of and holding costs associated with our OREO, and other operating costs such as: salaries and employee benefits, occupancy, data processing expenses, merger related expenses and tax expense. | |
General | |
In the accompanying consolidated financial statements, prepared without audit, all significant intercompany balances and transactions have been eliminated. Descriptions of the organization and business of COB, accounting policies followed by COB and other relevant information are contained in our Annual Report on Form 10-K for the year ended December 31, 2013 (the "Form 10-K"), including the Notes to the consolidated financial statements filed as part of that report. This quarterly report should be read in conjunction with the Form 10-K. | |
In the opinion of management, the accompanying consolidated financial statements contain the adjustments, all of which are normal recurring adjustments, necessary to present fairly the financial position of COB as of March 31, 2014 and December 31, 2013, and the results of its operations and cash flows for the three months ended March 31, 2014 and 2013, respectively. | |
Use of Estimates | |
We have made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these consolidated financial statements in conformity with accounting principles generally accepted in the United States ("GAAP"). Actual results could differ from those estimates. Material estimates subject to change in the near term include, among other items, the allowances for loan losses (“ALL”), estimated cash flows of purchased impaired loans, the carrying value of other real estate owned (“OREO”), the carrying value of intangible assets and the realization of deferred tax assets. | |
Reclassification | |
Certain reclassifications have been made to the prior period consolidated financial statements to place them on a comparable basis with the current period consolidated financial statements. These reclassifications have no effect on net income or shareholders' equity as previously reported. | |
Recent Accounting Pronouncements | |
Troubled Debt Restructurings - In January 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-04 Troubled Debt Restructurings by Creditors (Subtopic 310-40): "Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure" (“ASU No. 2014-04”). This pronouncement clarifies the criteria for concluding that an in substance repossession or foreclosure has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan. The amendments also outline interim and annual disclosure requirements. The amendments will be effective for the Company for interim and annual reporting periods beginning after December 15, 2014. Companies are allowed to use either a modified retrospective transition method or a prospective transition method when adopting this update. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. | |
FASB - From time to time, the FASB issues exposure drafts for proposed statements of financial accounting standards. Such exposure drafts are subject to comment from the public, to revisions by the FASB and to final issuance by the FASB as statements of financial accounting standards. | |
Management considers the effect of the proposed statements on the consolidated financial statements of COB and monitors the status of changes to and proposed effective dates of exposure drafts. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on our financial position, results of operations or cash flows. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Goodwill and Other Intangible Assets | ' |
Goodwill and Other Intangible Assets | |
We accounted for the Merger as a business combination under the acquisition method of accounting. As a result, we have recognized in our financial statements the identifiable net assets acquired and an amount of goodwill (representing the difference between the purchase price and the identifiable net assets). | |
Goodwill and other intangible assets deemed to have indefinite lives generated from purchased business combinations are not subject to amortization and are instead tested for impairment no less than annually. Impairment exists when the carrying value of goodwill exceeds its implied fair value. An impairment loss would be recognized in an amount equal to that excess and would be included in noninterest expense in the Consolidated Statements of Operations. None of the goodwill recognized in the Merger is expected to be deductible for income tax purposes. | |
Our intangible assets with definite lives are core deposit premiums ("CDP") and mortgage servicing rights ("MSR"). CDPs are amortized over their useful lives to their estimated residual value and reviewed for impairment at least quarterly. The amortization expense represents the estimated decline in the value of the underlying deposits. MSRs are amortized over the expected lives of the underlying mortgages including prepayment estimates. |
Investment_Securities
Investment Securities | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||
Investment Securities | |||||||||||||||||||||
Securities designated as available-for-sale are carried at fair value. However, the unrealized difference between amortized cost and fair value of securities available-for-sale is excluded from net income unless there is an other than temporary impairment and is reported, net of deferred taxes, as a component of shareholders' equity as accumulated other comprehensive income (loss). Securities designated as held-to-maturity are carried at amortized cost, as the bank has the ability, and management has the positive intent, to hold these securities to maturity. Premiums and discounts on securities are amortized and accreted according to the interest method. | |||||||||||||||||||||
Our primary objective in managing the investment portfolio is to maintain a portfolio of high quality, highly liquid investments yielding competitive returns. We are required under federal regulations to maintain adequate liquidity to ensure safe and sound operations. We maintain investment balances based on a continuing assessment of cash flows, the level of loan production, current interest rate risk strategies and an assessment of the potential future direction of market interest rate changes. Investment securities differ in terms of default, interest rate, liquidity and expected rate of return risks. | |||||||||||||||||||||
The following table summarizes the amortized cost and estimated fair value of investment securities and presents the related gross unrealized gains and losses: | |||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||
Available-for-Sale: | |||||||||||||||||||||
Obligations of: | |||||||||||||||||||||
U.S. government sponsored enterprises | $ | 2,045 | $ | 25 | $ | — | $ | 2,070 | |||||||||||||
Residential mortgage-backed securities-GSE | 356,022 | 971 | 19,429 | 337,564 | |||||||||||||||||
Residential mortgage-backed securities-Private | 19,338 | 953 | 9 | 20,282 | |||||||||||||||||
Commercial mortgage-backed securities-GSE | 22,670 | — | 1,080 | 21,590 | |||||||||||||||||
Commercial mortgage-backed securities-Private | 10,398 | — | 554 | 9,844 | |||||||||||||||||
Business Development Company investment | 1,753 | 898 | — | 2,651 | |||||||||||||||||
Corporate notes | 8,393 | 74 | — | 8,467 | |||||||||||||||||
Total available-for-sale | $ | 420,619 | $ | 2,921 | $ | 21,072 | $ | 402,468 | |||||||||||||
Held-to-Maturity: | |||||||||||||||||||||
Residential mortgage-backed securities-GSE | 138,991 | — | 7,564 | 131,427 | |||||||||||||||||
Commercial mortgage-backed securities-Private | 10,069 | — | 494 | 9,575 | |||||||||||||||||
Total held-to-maturity | $ | 149,060 | $ | — | $ | 8,058 | $ | 141,002 | |||||||||||||
Total investment securities | $ | 569,679 | $ | 2,921 | $ | 29,130 | $ | 543,470 | |||||||||||||
December 31, 2013 | |||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||
Available-for-Sale: | |||||||||||||||||||||
Obligations of: | |||||||||||||||||||||
U.S. government sponsored enterprises | $ | 2,051 | $ | 26 | $ | — | $ | 2,077 | |||||||||||||
Residential mortgage-backed securities-GSE | 364,513 | 974 | 24,340 | 341,147 | |||||||||||||||||
Residential mortgage-backed securities-Private | 19,770 | 982 | — | 20,752 | |||||||||||||||||
Commercial mortgage-backed securities-GSE | 22,767 | — | 1,328 | 21,439 | |||||||||||||||||
Commercial mortgage-backed securities-Private | 10,408 | — | 823 | 9,585 | |||||||||||||||||
Business Development Company investment | 1,753 | 984 | 2,737 | ||||||||||||||||||
Corporate notes | 16,795 | 82 | — | 16,877 | |||||||||||||||||
Total available-for-sale | $ | 438,057 | $ | 3,048 | $ | 26,491 | $ | 414,614 | |||||||||||||
Held-to-Maturity: | |||||||||||||||||||||
Residential mortgage-backed securities-GSE | 141,724 | — | 9,907 | 131,817 | |||||||||||||||||
Commercial mortgage-backed securities-Private | 10,071 | — | 763 | 9,308 | |||||||||||||||||
Total held-to-maturity | $ | 151,795 | $ | — | $ | 10,670 | $ | 141,125 | |||||||||||||
Total investment securities | $ | 589,852 | $ | 3,048 | $ | 37,161 | $ | 555,739 | |||||||||||||
As a member of the Federal Home Loan Bank of Atlanta (“FHLB”), the Bank is required to own capital stock in the FHLB based generally upon the balances of total assets and FHLB advances. FHLB capital stock is pledged to secure FHLB advances. This investment is carried at cost since no ready market exists for FHLB stock and there is no quoted market value. However, redemption of this stock has historically been at par value. The Bank owned a total of $5.1 million of FHLB stock at March 31, 2014 and $5.9 million at December 31, 2013. Due to the redemption provisions of FHLB stock, we have estimated that fair value approximated cost and that this investment was not impaired at March 31, 2014. FHLB stock is included in other assets at its original cost basis. | |||||||||||||||||||||
As a member bank of the Federal Reserve Bank of Richmond (“FRBR”), the Bank also is required to own capital stock of the FRBR based upon a percentage of the Bank's common stock and surplus. This investment is carried at cost since no ready market exists for FRBR stock and there is no quoted market value. At March 31, 2014 and December 31, 2013, the Bank owned a total of $4.3 million and $4.3 million of FRBR stock, respectively. Due to the nature of this investment in an entity of the U.S. government, we have estimated that fair value approximated the cost and that this investment was not impaired at March 31, 2014. FRBR stock is included in other assets at its original cost basis. | |||||||||||||||||||||
At March 31, 2014, $90.2 million of the investment securities portfolio was pledged to secure public deposits, $18.3 million was pledged to retail repurchase agreements and $76.5 million was pledged to others, leaving $364.0 million available as lendable collateral. | |||||||||||||||||||||
During the three months ended March 31, 2013, the Bank sold securities with a book value of $145.9 million and recognized a gain of$2.4 million. The Bank sold these securities in order to manage our interest rate sensitivity profile. The Bank did not sell any investment securities during the three months ended March 31, 2014. | |||||||||||||||||||||
The following tables show our investments' estimated fair value and gross unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at March 31, 2014 and December 31, 2013. The change in unrealized losses during the three months ending March 31, 2014 was attributed to changes in interest rates and not to changes in the credit quality of these securities. All unrealized losses on investment securities are considered by management to be temporary given the credit quality of these investment securities or the short duration of the unrealized loss, or both. | |||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||
(dollars in thousands) | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | |||||||||||||||
March 31, 2014 | |||||||||||||||||||||
Available-for-Sale: | |||||||||||||||||||||
Residential mortgage-backed securities-GSE | $ | 164,313 | $ | 8,975 | $ | 133,699 | $ | 10,454 | $ | 298,012 | $ | 19,429 | |||||||||
Residential mortgage-backed securities-Private | 1,297 | 9 | — | — | 1,297 | 9 | |||||||||||||||
Commercial mortgage-backed securities-GSE | — | — | 21,591 | 1,080 | 21,591 | 1,080 | |||||||||||||||
Commercial mortgage-backed securities-Private | 9,843 | 554 | — | — | 9,843 | 554 | |||||||||||||||
Total available-for-sale | $ | 175,453 | $ | 9,538 | $ | 155,290 | $ | 11,534 | $ | 330,743 | $ | 21,072 | |||||||||
Held-to-Maturity: | |||||||||||||||||||||
Residential mortgage-backed securities-GSE | $ | 131,427 | $ | 7,564 | $ | — | $ | — | $ | 131,427 | $ | 7,564 | |||||||||
Commercial mortgage-backed securities-Private | 9,575 | 494 | — | — | 9,575 | 494 | |||||||||||||||
Total held-to-maturity | $ | 141,002 | $ | 8,058 | $ | — | $ | — | $ | 141,002 | $ | 8,058 | |||||||||
Total | $ | 316,455 | $ | 17,596 | $ | 155,290 | $ | 11,534 | $ | 471,745 | $ | 29,130 | |||||||||
December 31, 2013 | |||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||
Residential mortgage-backed securities-GSE | $ | 222,475 | $ | 16,585 | $ | 76,501 | $ | 7,755 | $ | 298,976 | $ | 24,340 | |||||||||
Commercial mortgage-backed securities-GSE | — | — | 21,439 | 1,328 | 21,439 | 1,328 | |||||||||||||||
Commercial mortgage-backed securities-Private | 9,585 | 823 | — | — | 9,585 | 823 | |||||||||||||||
Total available-for-sale | $ | 232,060 | $ | 17,408 | $ | 97,940 | $ | 9,083 | $ | 330,000 | $ | 26,491 | |||||||||
Held-to-Maturity: | |||||||||||||||||||||
Residential mortgage-backed securities-GSE | $ | 131,817 | $ | 9,907 | $ | — | $ | — | $ | 131,817 | $ | 9,907 | |||||||||
Commercial mortgage-backed securities-Private | 9,308 | 763 | — | — | 9,308 | 763 | |||||||||||||||
Total held-to-maturity | $ | 141,125 | $ | 10,670 | $ | — | $ | — | $ | 141,125 | $ | 10,670 | |||||||||
Total | $ | 373,185 | $ | 28,078 | $ | 97,940 | $ | 9,083 | $ | 471,125 | $ | 37,161 | |||||||||
At March 31, 2014 and December 31, 2013, there were fourteen and ten available-for-sale securities that were in an unrealized loss position for 12 months or more, respectively. | |||||||||||||||||||||
COB analyzed its securities portfolio at March 31, 2014, and considered ratings, fair value, cash flows and other factors to | |||||||||||||||||||||
determine if any of the securities were other than temporarily impaired. Since none of the unrealized losses relate to the marketability | |||||||||||||||||||||
of the securities or the issuer’s ability to honor redemption obligations, and COB has determined that it is not more likely than not that | |||||||||||||||||||||
COB will be required to sell the security before recovery of its amortized cost basis, none of the securities are deemed to be other than | |||||||||||||||||||||
temporarily impaired. | |||||||||||||||||||||
The aggregate amortized cost and fair value of securities at March 31, 2014, by remaining contractual maturity, are shown in the following table. Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. | |||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||
Due in one year or less | $ | 8,393 | $ | 8,467 | $ | — | $ | — | |||||||||||||
Due after one year through five years | 2,045 | 2,070 | — | — | |||||||||||||||||
With no stated maturity | 1,753 | 2,652 | — | — | |||||||||||||||||
Total | 12,191 | 13,189 | — | — | |||||||||||||||||
Mortgage-backed securities | 408,428 | 389,279 | 149,060 | 141,002 | |||||||||||||||||
Total | $ | 420,619 | $ | 402,468 | $ | 149,060 | $ | 141,002 | |||||||||||||
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Loans Receivable, Net [Abstract] | ' | ||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | |||||||||||||||||||||||||||||
General | |||||||||||||||||||||||||||||
Loans held for investment are stated at the principal amounts outstanding adjusted for purchase premiums/discounts, deferred net loan fees and costs, and unearned income. We report our loan portfolio by segments and classes, which are disaggregations of portfolio segments. Our portfolio segments are: Commercial and agricultural, Real estate, and Consumer loans. The Commercial and agricultural loan and Consumer loan portfolios are not further segregated into classes. The classes within the Real estate portfolio segment include Real estate - construction and Real estate - mortgage, which is further broken into 1-4 family residential mortgage and Commercial real estate mortgage loans. | |||||||||||||||||||||||||||||
Loan fees and the incremental direct costs associated with originating a loan are deferred and subsequently recognized over the life of the loan as an adjustment to interest income. | |||||||||||||||||||||||||||||
In addition to originating loans, we also purchase loans. At acquisition, purchased loans are designated as either purchased contractual loans ("PC loans") or purchased impaired loans ("PI loans"). PC loans are acquired loans where management believes it is probable that it will receive all principal as of the date of acquisition. These loans are accounted for under the contractual cash flow method, under ASC 310-20. Any discount or premium paid on PC loans is recorded in interest income using the effective yield method over the expected life of the loans. | |||||||||||||||||||||||||||||
PI loans are acquired loans where management believes, at acquisition date, it is probable that all principal on the acquired loans will not be received. PI loans are placed in homogeneous risk-based pools where accounting for projected cash flows is performed, as allowed under ASC 310-30. Once a pool is established the individual loans within each pool do not change. As management obtains new information related to changes in expected principal loss and expected cash flows, by pool, we record either an increase in yield when new expected cash flows increase, an allowance for loan losses when new expected cash flows decline, or a decrease in yield when there is only a timing difference in expected cash flows. | |||||||||||||||||||||||||||||
Loans acquired in the Merger ("Granite Purchased Loans") included PI loans and PC loans. Loans designated as PC loans included performing revolving consumer and performing revolving commercial loans on acquisition date. | |||||||||||||||||||||||||||||
The following table presents an aging analysis of accruing and nonaccruing loans as of March 31, 2014: | |||||||||||||||||||||||||||||
(dollars in thousands) | Accruing | ||||||||||||||||||||||||||||
30-59 days past due | 60-89 days past due | More than 90 days past due | Nonaccrual | Total past due and nonaccrual | Current and accruing | Total Loans | |||||||||||||||||||||||
PC and Originated Loans | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 43 | $ | — | $ | — | $ | 450 | $ | 493 | $ | 65,763 | $ | 66,256 | |||||||||||||||
Real estate - construction | 68 | — | — | 3,437 | 3,505 | 52,599 | 56,104 | ||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 4,130 | — | — | 10,151 | 14,281 | 597,094 | 611,375 | ||||||||||||||||||||||
Commercial | 1,760 | 324 | 355 | 19,533 | 21,972 | 267,586 | 289,558 | ||||||||||||||||||||||
Consumer | 68 | 3 | — | 32 | 103 | 47,356 | 47,459 | ||||||||||||||||||||||
Total | $ | 6,069 | $ | 327 | $ | 355 | $ | 33,603 | $ | 40,354 | $ | 1,030,398 | $ | 1,070,752 | |||||||||||||||
PI loans | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 97 | $ | — | $ | 2,354 | $ | — | $ | 2,451 | $ | 7,271 | $ | 9,722 | |||||||||||||||
Real estate - construction | 54 | — | 4,569 | — | 4,623 | 6,577 | 11,200 | ||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 137 | 195 | 2,366 | — | 2,698 | 17,701 | 20,399 | ||||||||||||||||||||||
Commercial | 123 | — | 15,440 | — | 15,563 | 90,989 | 106,552 | ||||||||||||||||||||||
Consumer | 2 | — | 13 | — | 15 | 1,145 | 1,160 | ||||||||||||||||||||||
Total | $ | 413 | $ | 195 | $ | 24,742 | $ | — | $ | 25,350 | $ | 123,683 | $ | 149,033 | |||||||||||||||
Total Loans | $ | 6,482 | $ | 522 | $ | 25,097 | $ | 33,603 | $ | 65,704 | $ | 1,154,081 | $ | 1,219,785 | |||||||||||||||
The following table presents an aging analysis of accruing and nonaccruing loans as of December 31, 2013: | |||||||||||||||||||||||||||||
(dollars in thousands) | Accruing | ||||||||||||||||||||||||||||
30-59 days past due | 60-89 days past due | More than 90 days past due | Nonaccrual | Total past due and nonaccrual | Current and accruing | Total Loans | |||||||||||||||||||||||
PC and Originated Loans | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 18 | $ | 43 | $ | — | $ | 516 | $ | 577 | $ | 60,946 | $ | 61,523 | |||||||||||||||
Real estate - construction | 168 | 634 | — | 4,677 | 5,479 | 48,711 | 54,190 | ||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 3,454 | 522 | — | 11,580 | 15,556 | 593,698 | 609,254 | ||||||||||||||||||||||
Commercial | 1,765 | 77 | — | 18,380 | 20,222 | 261,524 | 281,746 | ||||||||||||||||||||||
Consumer | 56 | 17 | — | 12 | 85 | 43,798 | 43,883 | ||||||||||||||||||||||
Total | $ | 5,461 | $ | 1,293 | $ | — | $ | 35,165 | $ | 41,919 | $ | 1,008,677 | $ | 1,050,596 | |||||||||||||||
PI loans | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 35 | $ | 16 | $ | 1,977 | $ | — | $ | 2,028 | $ | 8,701 | $ | 10,729 | |||||||||||||||
Real estate - construction | 48 | — | 2,758 | — | 2,806 | 7,087 | 9,893 | ||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 135 | 9 | 2,907 | — | 3,051 | 23,802 | 26,853 | ||||||||||||||||||||||
Commercial | 903 | — | 17,479 | — | 18,382 | 94,796 | 113,178 | ||||||||||||||||||||||
Consumer | 6 | — | 12 | — | 18 | 981 | 999 | ||||||||||||||||||||||
Total | $ | 1,127 | $ | 25 | $ | 25,133 | $ | — | $ | 26,285 | $ | 135,367 | $ | 161,652 | |||||||||||||||
Total Loans | $ | 6,588 | $ | 1,318 | $ | 25,133 | $ | 35,165 | $ | 68,204 | $ | 1,144,044 | $ | 1,212,248 | |||||||||||||||
All PI loans are considered to be accruing for all periods presented, in accordance with ASC 310-30. | |||||||||||||||||||||||||||||
Risk Grades | |||||||||||||||||||||||||||||
The risk-grade categories presented in the following table, which are standard categories used by the bank regulators, are: | |||||||||||||||||||||||||||||
Pass - Loans categorized as Pass are higher quality loans that have adequate sources of repayment and little risk of collection. | |||||||||||||||||||||||||||||
Special Mention - A Special Mention loan has potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution's credit position at some future date. Special Mention loans are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. | |||||||||||||||||||||||||||||
Substandard - A Substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of Substandard loans, does not have to exist in individual assets classified Substandard. | |||||||||||||||||||||||||||||
Doubtful - A loan classified as Doubtful has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors, which may work to the advantage of strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral and refinancing plans. | |||||||||||||||||||||||||||||
Loans categorized as Special Mention or worse are considered Criticized. Loans categorized as Substandard or Doubtful are considered Classified. Purchased loans acquired in the Merger are recorded at estimated fair value on the date of acquisition without the carryover of related ALL. The table below includes $38.7 million and $40.5 million in Granite Purchased Loans categorized as Substandard or Doubtful at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||
The following table presents loans held for investment balances by risk grade as of March 31, 2014: | |||||||||||||||||||||||||||||
(dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | |||||||||||||||||||||||||
(Ratings 1-5) | (Rating 6) | (Rating 7) | (Rating 8) | Total | |||||||||||||||||||||||||
Commercial and agricultural | $ | 70,782 | $ | 1,180 | $ | 4,016 | $ | — | $ | 75,978 | |||||||||||||||||||
Real estate - construction | 54,331 | 3,275 | 9,698 | — | 67,304 | ||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 601,449 | 9,234 | 21,091 | — | 631,774 | ||||||||||||||||||||||||
Commercial | 310,951 | 29,466 | 55,693 | — | 396,110 | ||||||||||||||||||||||||
Consumer | 48,205 | 39 | 66 | 309 | 48,619 | ||||||||||||||||||||||||
Total | $ | 1,085,718 | $ | 43,194 | $ | 90,564 | $ | 309 | $ | 1,219,785 | |||||||||||||||||||
The following table presents loans held for investment balances by risk grade as of December 31, 2013: | |||||||||||||||||||||||||||||
(dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | |||||||||||||||||||||||||
(Ratings 1-5) | (Rating 6) | (Rating 7) | (Rating 8) | Total | |||||||||||||||||||||||||
Commercial and agricultural | $ | 67,277 | $ | 1,262 | $ | 3,713 | $ | — | $ | 72,252 | |||||||||||||||||||
Real estate - construction | 50,138 | 3,984 | 9,961 | — | 64,083 | ||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 601,304 | 10,887 | 23,916 | — | 636,107 | ||||||||||||||||||||||||
Commercial | 307,661 | 29,711 | 57,552 | — | 394,924 | ||||||||||||||||||||||||
Consumer | 44,450 | 40 | 47 | 345 | 44,882 | ||||||||||||||||||||||||
Total | $ | 1,070,830 | $ | 45,884 | $ | 95,189 | $ | 345 | $ | 1,212,248 | |||||||||||||||||||
Loans included in the preceding loan composition table are net of participations sold. Loans are increased by net loan premiums and deferred loan discounts or fees of $3.3 million at March 31, 2014. Loans are increased by net deferred loan discounts or fees of $3.6 million at December 31, 2013. | |||||||||||||||||||||||||||||
At March 31, 2014 and December 31, 2013, loans held for sale consisted of originated residential mortgage loans held for sale carried at the lower of cost or fair market value. | |||||||||||||||||||||||||||||
Loans serviced for others are not included in the consolidated balance sheet. The unpaid principal balance of loans serviced for others amounted to $201.5 million at March 31, 2014 and $190.2 million at December 31, 2013. | |||||||||||||||||||||||||||||
Loans Pledged | |||||||||||||||||||||||||||||
To borrow from the FHLB, members must pledge collateral to secure advances and letters of credit. Acceptable collateral includes, among other types of collateral, a variety of residential, multifamily, home equity lines and second mortgages, and commercial loans. Gross loans of $154.2 million and $23.9 million of investment securities, and gross loans of $169.5 million and $24.1 million of investment securities, were pledged to collateralize FHLB advances and letters of credit at March 31, 2014 and December 31, 2013, respectively, of which there was $29.7 million and $31.8 million of credit availability for borrowing, respectively. At March 31, 2014, $8.8 million of loans and $50.5 million of securities were pledged to collateralize potential borrowings from the Federal Reserve Discount Window, of which $54.1 million was available as borrowing capacity. We could also access $292.9 million of additional borrowings from the FHLB under credit lines by pledging additional collateral. | |||||||||||||||||||||||||||||
Nonaccruing and Impaired Loans | |||||||||||||||||||||||||||||
Interest income on loans is calculated by using the interest method based on the daily outstanding balance. The recognition of interest income is discontinued when, in management's opinion, the collection of all or a portion of interest becomes doubtful. Loans are returned to accrual status when the factors indicating doubtful collectability cease to exist and the loan has performed in accordance with its terms for a demonstrated period of time. The past due status of loans is based on the contractual payment terms. Had nonaccruing loans been on accruing status, interest income would have been higher by $1.0 million and $1.1 million for the three months ended March 31, 2014 and March 31, 2013, respectively. At March 31, 2014 and December 31, 2013, COB had certain impaired loans of $33.6 million and $35.2 million, respectively, which were on nonaccruing interest status. | |||||||||||||||||||||||||||||
All loan classes are considered past due when the contractual amounts due with respect to principal and interest are not received within 30 days of the contractual due date. When we cannot reasonably expect full and timely repayment of a loan, the loan is placed on nonaccrual. | |||||||||||||||||||||||||||||
All loan classes on which principal or interest is in default for 90 days or more are put on nonaccrual status, unless there is sufficient documentation to conclude that the loan is well secured and in the process of collection. A debt is "well-secured" if collateralized by liens on or pledges of real or personal property, including securities, which have a realizable value sufficient to discharge the debt in full, or by the guarantee of a financially responsible party. A debt is "in process of collection" if collection is proceeding in due course either through legal action, including judgment enforcement procedures, or, in appropriate circumstances, through collection efforts not involving legal action that are reasonably expected to result in repayment of the debt or its restoration to a current status. | |||||||||||||||||||||||||||||
Loans that are less than 90 days delinquent may also be placed on nonaccrual if deterioration in the financial condition of the borrower has increased the probability of less than full repayment. | |||||||||||||||||||||||||||||
At the time a loan is placed on nonaccrual, all accrued, unpaid interest is charged off, unless it is documented that repayment of all principal and presently accrued but unpaid interest is probable. Charge-offs of accrued and unpaid interest are charged against the current year's interest income and not against the current ALL. | |||||||||||||||||||||||||||||
For all loan classes, a nonaccrual loan may be returned to accrual status when we can reasonably expect continued timely payments until payment in full. All prior arrearage does not have to be eliminated, nor do all previously charged off amounts need to have been recovered, but the loan can still be returned to accrual status if the following conditions are met: (1) all principal and interest amounts contractually due (including arrearage) are reasonably assured of repayment within a reasonable period; and (2) there is a sustained period of repayment performance (generally a minimum of six months) by the borrower, in accordance with the contractual terms involving payments of cash or cash equivalents. | |||||||||||||||||||||||||||||
For all classes within all loan portfolios, cash receipts received on nonaccrual loans are applied entirely against principal until the loan or lease has been collected in full, after which time any additional cash receipts are recognized as interest income. | |||||||||||||||||||||||||||||
For all loan classes, as soon as any portion of a loan becomes uncollectible, the loan will be charged down or charged off as follows: | |||||||||||||||||||||||||||||
• | If unsecured, the loan must be charged off in full. | ||||||||||||||||||||||||||||
• | If secured, the outstanding principal balance of the loan should be charged down to the net liquidation value of the collateral. | ||||||||||||||||||||||||||||
Loans are considered uncollectible when: | |||||||||||||||||||||||||||||
• | No regularly scheduled payment has been made within four months and the determination is made that any further payment is unlikely, or | ||||||||||||||||||||||||||||
• | The loan is unsecured, the borrower has filed for bankruptcy protection and there is no other (guarantor, etc.) support from an entity outside of the bankruptcy proceedings. | ||||||||||||||||||||||||||||
Based on a variety of credit, collateral and documentation issues, loans with lesser degrees of delinquency or obvious loss may also be deemed uncollectible. | |||||||||||||||||||||||||||||
A loan is considered impaired, based on current information and events, if it is probable that we will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. If the loan has been modified to provide relief to the borrower, the loan is deemed to be impaired if all principal and interest will not be repaid according to the original contract. | |||||||||||||||||||||||||||||
When a loan has been determined to be impaired, the amount of the impairment is measured using the present value of expected future cash flows discounted at the loan's effective interest rate or, as a practical expedient, the observable market price of the loan, or the fair value of the collateral if the loan is collateral dependent. When the present value of expected future cash flows is used, the effective interest rate is the original contractual interest rate of the loan adjusted for any premium or discount. When the contractual interest rate is variable, the effective interest rate of the loan changes over time. A specific reserve is established as a component of the ALL when a loan has been determined to be impaired. Subsequent to the initial measurement of impairment, if there is a significant change to the impaired loan's expected future cash flows, or if actual cash flows are significantly different from the cash flows previously estimated, we recalculate the impairment and appropriately adjust the specific reserve. Similarly, if we measure impairment based on the observable market price of an impaired loan or the fair value of the collateral of an impaired collateral-dependent loan, we will adjust the specific reserve if there is a significant change in either of those bases. | |||||||||||||||||||||||||||||
When a loan is impaired and principal and interest is in doubt when contractually due, interest income is not recognized. Cash receipts received on nonaccruing impaired loans within any class are generally applied entirely against principal until the loan has been collected in full, after which time any additional cash receipts are recognized as interest income. Cash receipts received on accruing impaired loans within any class are applied in the same manner as accruing loans that are not considered impaired. | |||||||||||||||||||||||||||||
The following table summarizes information relative to impaired loans for the dates indicated: | |||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Associated Reserves | Balance | Associated Reserves | |||||||||||||||||||||||||
Impaired loans, not individually reviewed for impairment | $ | 4,670 | $ | — | $ | 4,612 | $ | — | |||||||||||||||||||||
Impaired loans, individually reviewed, with no impairment | 33,317 | — | 39,865 | — | |||||||||||||||||||||||||
Impaired loans, individually reviewed, with impairment | 8,112 | 1,119 | 2,965 | 927 | |||||||||||||||||||||||||
Total impaired loans, excluding purchased impaired * | $ | 46,099 | $ | 1,119 | $ | 47,442 | $ | 927 | |||||||||||||||||||||
Purchased impaired loans with subsequent deterioration | $ | 138,789 | 5,237 | $ | 161,307 | 5,560 | |||||||||||||||||||||||
Purchased impaired loans with no subsequent deterioration | $ | 10,244 | — | $ | 344 | — | |||||||||||||||||||||||
Total Reserves | $ | 6,356 | $ | 6,487 | |||||||||||||||||||||||||
Average impaired loans calculated using a simple average | $ | 46,771 | $ | 65,527 | |||||||||||||||||||||||||
* Included at March 31, 2014 and December 31, 2013 were $12.5 million and $12.1 million, respectively, in restructured and performing loans. | |||||||||||||||||||||||||||||
The following table presents loans held for investment on nonaccrual status by loan class for the dates indicated: | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
March 31, 2014 | 31-Dec-13 | ||||||||||||||||||||||||||||
Loans held for investment: | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 450 | $ | 516 | |||||||||||||||||||||||||
Real estate - construction | 3,437 | 4,677 | |||||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 10,151 | 11,580 | |||||||||||||||||||||||||||
Commercial | 19,533 | 18,380 | |||||||||||||||||||||||||||
Consumer | 32 | 12 | |||||||||||||||||||||||||||
Total nonaccrual loans | $ | 33,603 | $ | 35,165 | |||||||||||||||||||||||||
Loans more than 90 days delinquent, still on accrual | 355 | — | |||||||||||||||||||||||||||
Total nonperforming loans | $ | 33,958 | $ | 35,165 | |||||||||||||||||||||||||
There were no loans held for sale on nonaccrual status as of March 31, 2014 or December 31, 2013. | |||||||||||||||||||||||||||||
The following table presents individually reviewed impaired loans and purchased impaired loans with subsequent credit deterioration, segregated by portfolio segment, and the corresponding reserve for impaired loan losses as of March 31, 2014: | |||||||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||||||
(dollars in thousands) | Recorded | Principal | Related | ||||||||||||||||||||||||||
Investment | Balance | Allowance | |||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 242 | $ | 485 | $ | — | |||||||||||||||||||||||
Real estate - construction | 2,677 | 3,195 | — | ||||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 9,064 | 11,740 | — | ||||||||||||||||||||||||||
Commercial | 21,334 | 25,856 | — | ||||||||||||||||||||||||||
Consumer | — | — | — | ||||||||||||||||||||||||||
Total | $ | 33,317 | $ | 41,276 | $ | — | |||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Real estate - construction | 648 | 956 | 73 | ||||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 3,920 | 4,207 | 561 | ||||||||||||||||||||||||||
Commercial | 3,544 | 4,555 | 485 | ||||||||||||||||||||||||||
Consumer | — | — | — | ||||||||||||||||||||||||||
Total | $ | 8,112 | $ | 9,718 | $ | 1,119 | |||||||||||||||||||||||
Total individually evaluated impaired loans | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 242 | $ | 485 | $ | — | |||||||||||||||||||||||
Real estate - construction | 3,325 | 4,151 | 73 | ||||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 12,984 | 15,947 | 561 | ||||||||||||||||||||||||||
Commercial | 24,878 | 30,411 | 485 | ||||||||||||||||||||||||||
Consumer | — | — | — | ||||||||||||||||||||||||||
Total | $ | 41,429 | $ | 50,994 | $ | 1,119 | |||||||||||||||||||||||
PI loans with subsequent credit deterioration: | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 5,425 | $ | 4,278 | $ | 638 | |||||||||||||||||||||||
Real estate - construction | 9,946 | 10,919 | 1,148 | ||||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 16,031 | 17,460 | 390 | ||||||||||||||||||||||||||
Commercial | 106,248 | 114,322 | 2,871 | ||||||||||||||||||||||||||
Consumer | 1,139 | 737 | 190 | ||||||||||||||||||||||||||
Total | $ | 138,789 | $ | 147,716 | $ | 5,237 | |||||||||||||||||||||||
The following table presents individually reviewed impaired loans, and purchased impaired loans with subsequent credit deterioration, segregated by portfolio segment, and the corresponding reserve for impaired loan losses as of December 31, 2013: | |||||||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||||||
(dollars in thousands) | Recorded | Principal | Related | ||||||||||||||||||||||||||
Investment | Balance | Allowance | |||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 398 | $ | 643 | $ | — | |||||||||||||||||||||||
Real estate - construction | 4,734 | 8,893 | — | ||||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 11,154 | 14,431 | — | ||||||||||||||||||||||||||
Commercial | 23,579 | 28,905 | — | ||||||||||||||||||||||||||
Consumer | — | — | — | ||||||||||||||||||||||||||
Total | $ | 39,865 | $ | 52,872 | $ | — | |||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Real estate - construction | — | — | — | ||||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 2,965 | 3,032 | 927 | ||||||||||||||||||||||||||
Commercial | — | — | — | ||||||||||||||||||||||||||
Consumer | — | — | — | ||||||||||||||||||||||||||
Total | $ | 2,965 | $ | 3,032 | $ | 927 | |||||||||||||||||||||||
Total individually evaluated impaired loans | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 398 | $ | 643 | $ | — | |||||||||||||||||||||||
Real estate - construction | 4,734 | 8,893 | — | ||||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 14,119 | 17,463 | 927 | ||||||||||||||||||||||||||
Commercial | 23,579 | 28,905 | — | ||||||||||||||||||||||||||
Consumer | — | — | — | ||||||||||||||||||||||||||
Total | $ | 42,830 | $ | 55,904 | $ | 927 | |||||||||||||||||||||||
PI loans with subsequent credit deterioration: | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 10,729 | $ | 10,344 | $ | 382 | |||||||||||||||||||||||
Real estate - construction | 9,792 | 11,216 | 1,015 | ||||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 26,628 | 28,143 | 724 | ||||||||||||||||||||||||||
Commercial | 113,178 | 121,813 | 3,251 | ||||||||||||||||||||||||||
Consumer | 980 | 785 | 188 | ||||||||||||||||||||||||||
Total | $ | 161,307 | $ | 172,301 | $ | 5,560 | |||||||||||||||||||||||
The following summary includes impaired loans individually reviewed. Average recorded investment and interest income recognized on impaired loans, segregated by portfolio segment, is shown in the following tables as of March 31, 2014 and March 31, 2013: | |||||||||||||||||||||||||||||
For Three Months Ended | For Three Months Ended | ||||||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||
(dollars in thousands) | Recorded | Income | Recorded | Income | |||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 242 | $ | — | $ | 886 | $ | — | |||||||||||||||||||||
Real estate - construction | 2,688 | 10 | 9,233 | — | |||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 9,050 | 28 | 13,472 | 26 | |||||||||||||||||||||||||
Commercial | 21,503 | 89 | 34,010 | 87 | |||||||||||||||||||||||||
Consumer | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 33,483 | $ | 127 | $ | 57,601 | $ | 113 | |||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | — | $ | — | $ | 917 | $ | 5 | |||||||||||||||||||||
Real estate - construction | 650 | 2 | 2,111 | — | |||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 3,829 | 19 | 4,666 | 8 | |||||||||||||||||||||||||
Commercial | 3,552 | 30 | 8,663 | 4 | |||||||||||||||||||||||||
Consumer | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 8,031 | $ | 51 | $ | 16,357 | $ | 17 | |||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 242 | $ | — | $ | 1,803 | $ | 5 | |||||||||||||||||||||
Real estate - construction | 3,338 | 12 | 11,344 | — | |||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 12,879 | 47 | 18,138 | 34 | |||||||||||||||||||||||||
Commercial | 25,055 | 119 | 42,673 | 91 | |||||||||||||||||||||||||
Consumer | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 41,514 | $ | 178 | $ | 73,958 | $ | 130 | |||||||||||||||||||||
Impaired loans also include loans for which we may elect to grant a concession, providing terms more favorable than those prevalent in the market (e.g., rate, amortization term), and formally restructure due to the weakening credit status of a borrower. Restructuring is designed to facilitate a repayment plan that minimizes the potential losses that we otherwise may have to incur. If these impaired loans are on nonaccruing status as of the date of restructuring, the loans are included in nonperforming loans. Nonperforming restructured loans will remain as nonperforming until the borrower can demonstrate adherence to the restructured terms for a period of no less than six months and when it is otherwise determined that continued adherence is reasonably assured. Some restructured loans continue as accruing loans after restructuring if the borrower is not past due at the time of restructuring, adequate collateral valuations support the restructured loans, and the cash flows of the underlying business appear adequate to support the restructured debt service. Not included in nonperforming loans are loans that have been restructured that were performing as of the restructure date. At March 31, 2014, there was $18.1 million in restructured loans, of which $12.5 million were accruing and in a performing status. At December 31, 2013, there was $18.1 million in restructured loans, of which $12.1 million were accruing and in a performing status. | |||||||||||||||||||||||||||||
Granite Purchased Loans | |||||||||||||||||||||||||||||
Granite Purchased Loans include PI loans and PC loans. PC loans include performing revolving consumer and commercial loans. | |||||||||||||||||||||||||||||
PI loans are segregated into pools and recorded at estimated fair value on the date of acquisition without the carryover of the related ALL. PI loans are accounted for under ASC 310-30 when the loans have evidence of credit deterioration since origination and it is probable at the date of acquisition we will not collect all contractually required principal and interest payments. Evidence of credit quality deterioration as of the date of acquisition may include statistics such as past due status, nonaccrual status and risk grade. PI loans generally meet our definition for nonaccrual status; however, even if the borrower is not currently making payments, we will classify loans as accruing if we can reasonably estimate the amount and timing of future cash flows. All Granite Purchased PI loans are presented on an accruing basis. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable difference. | |||||||||||||||||||||||||||||
Periodically, we estimate the expected cash flows for each pool of the PI loans and evaluate whether the expected cash flows for each pool have changed from prior estimates. Decreases to the expected cash flows will generally result in a provision for loan losses. Subsequent increases in cash flows result in a reversal of the provision for loan losses to the extent of prior charges, or reclassification from nonaccretable difference to accretable yield with a positive impact on future interest income. Excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized into interest income over the remaining life of the loan when there is a reasonable expectation about the amount and timing of such cash flows. | |||||||||||||||||||||||||||||
We have elected to account for the Granite Purchased PI loans under ASC 310-30 and the Granite Purchased PC loans under ASC 310-20. | |||||||||||||||||||||||||||||
At March 31, 2014, and December 31, 2013, our financial statements reflected a PI loan ALL of $5.2 million and $5.6 million, respectively, and an ALL for PC loans of $0.3 million and $0.3 million, respectively. | |||||||||||||||||||||||||||||
The following table presents the balance of all Granite Purchased Loans: | |||||||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||||||
(dollars in thousands) | Purchased Impaired | Purchased Contractual | Total Purchased Loans | Unpaid | |||||||||||||||||||||||||
Principal | |||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 9,722 | $ | 4,044 | $ | 13,766 | $ | 12,654 | |||||||||||||||||||||
Real estate - construction | 11,200 | — | 11,200 | 12,218 | |||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 20,399 | 25,041 | 45,440 | 47,829 | |||||||||||||||||||||||||
Commercial | 106,552 | 365 | 106,917 | 114,984 | |||||||||||||||||||||||||
Consumer | 1,160 | — | 1,160 | 766 | |||||||||||||||||||||||||
Total | $ | 149,033 | $ | 29,450 | $ | 178,483 | $ | 188,451 | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
(dollars in thousands) | Purchased Impaired | Purchased Contractual | Total | Unpaid | |||||||||||||||||||||||||
Purchased Loans | Principal | ||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 10,729 | $ | 5,948 | $ | 16,677 | $ | 16,452 | |||||||||||||||||||||
Real estate - construction | 9,892 | — | 9,892 | 11,368 | |||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 26,854 | 22,127 | 48,981 | 51,359 | |||||||||||||||||||||||||
Commercial | 113,178 | 373 | 113,551 | 122,197 | |||||||||||||||||||||||||
Consumer | 998 | — | 998 | 798 | |||||||||||||||||||||||||
Total | $ | 161,651 | $ | 28,448 | $ | 190,099 | $ | 202,174 | |||||||||||||||||||||
The tables below include only those Granite Purchased Loans accounted for under the expected cash flow method (PI loans) for the periods indicated. These tables do not include PC loans, including Granite Purchased PC loans or purchased performing residential mortgage loans. | |||||||||||||||||||||||||||||
For Three Months Ended | For Three Months Ended | ||||||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | ||||||||||||||||||||||||||||
Purchased Impaired | Purchased Impaired | ||||||||||||||||||||||||||||
(dollars in thousands) | Carrying | Future | Carrying | Future Accretion | |||||||||||||||||||||||||
Amount | Accretion | Amount | |||||||||||||||||||||||||||
Balance, beginning of period | $ | 161,651 | $ | 29,987 | $ | 228,392 | $ | 30,299 | |||||||||||||||||||||
Accretion | 2,665 | (2,665 | ) | 4,203 | (4,203 | ) | |||||||||||||||||||||||
Increase in future accretion | — | 1,005 | — | — | |||||||||||||||||||||||||
Reclassification of loans and adjustments | (4,180 | ) | — | — | — | ||||||||||||||||||||||||
Payments received | (11,081 | ) | — | (25,928 | ) | — | |||||||||||||||||||||||
Foreclosed and transferred to OREO | (22 | ) | — | (783 | ) | — | |||||||||||||||||||||||
Subtotal before allowance | 149,033 | 28,327 | 205,884 | 26,096 | |||||||||||||||||||||||||
Allowance for credit losses | (5,237 | ) | — | (5,373 | ) | — | |||||||||||||||||||||||
Net carrying amount, end of period | $ | 143,796 | $ | 28,327 | $ | 200,511 | $ | 26,096 | |||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||||||
COB's ALL, which is utilized to absorb actual losses in the loan portfolio, is maintained at a level consistent with management's best estimate of probable loan losses to be incurred as of the balance sheet date. Management assesses COB's ALL quarterly. This assessment includes a methodology that separates the total loan portfolio into homogeneous loan classifications for purposes of evaluating risk. The required allowance is calculated by applying a risk adjusted reserve requirement to the dollar volume of loans within a homogenous group. For purposes of the ALL, we have grouped our loans into pools according to the loan segmentation regime employed on schedule RC-C of the FFIEC's Consolidated Reports of Condition and Income. Major loan portfolio subgroups include: risk graded commercial loans, mortgage loans, home equity loans, retail loans and retail credit lines. Management also analyzes the loan portfolio on an ongoing basis to evaluate current risk levels, and risk grades are adjusted accordingly. While management uses the best information available to make evaluations, future adjustments may be necessary, if economic or other conditions differ substantially from the assumptions used. | |||||||||||||||||||||||||||||
Historical loss rates are calculated by associating losses to the risk-graded pool to which they relate for each of the previous eight quarters. Then, using a look back period consisting of the twenty most recent quarters, loss factors are calculated for each risk-graded pool using a simple average. This represents a change in methodology which began in the third quarter of 2013. Previously, we used a look back period beginning in the third quarter of 2006 and a weighted average of losses. The impact of this change was immaterial to the allowance calculation in the period we adopted the methodology change. | |||||||||||||||||||||||||||||
In addition to our ability to use our own historical loss data and migration between risk grades, we have a rigorous process for computing the qualitative factors that impact the ALL. A committee, independent of the historical loss migration team, reviews risk factors that may impact the ALL. Some factors are statistically quantifiable, such as concentration, growth, delinquency, and nonaccrual risk by loan type, while other factors are qualitative in nature, such as staff competency, competition within our markets and economic and regulatory changes impacting the loans held for investment. | |||||||||||||||||||||||||||||
We lend primarily in North Carolina. As of March 31, 2014, a majority of the principal amount of the loans held for investment in our portfolio was to businesses and individuals in North Carolina. This geographic concentration subjects the loan portfolio to the general economic conditions within this area. The risks created by this concentration have been considered by management in the determination of the adequacy of the ALL. Management believes the ALL is adequate to cover estimated losses on loans at each balance sheet date. | |||||||||||||||||||||||||||||
During the three month period ended March 31, 2014, we charged off $2.0 million in loans and realized $1.9 million in recoveries, for $0.1 million of net charge-offs. The majority of the loans charged off were loans that were previously impaired and had specific reserves assigned in prior periods. | |||||||||||||||||||||||||||||
The ALL, as a percentage of loans held for investment, was 2.13% at March 31, 2014, compared to 2.66% at March 31, 2013. At December 31, 2013, the ALL, as a percentage of loans held for investment, was 2.21%. | |||||||||||||||||||||||||||||
An analysis of the changes in the ALL is as follows: | |||||||||||||||||||||||||||||
For Three Months Ended | |||||||||||||||||||||||||||||
(dollars in thousands) | March 31, 2014 | March 31, 2013 | |||||||||||||||||||||||||||
Balance, beginning of period | $ | 26,785 | $ | 29,314 | |||||||||||||||||||||||||
Provision for (recovery of) losses charged to continuing operations | (684 | ) | 110 | ||||||||||||||||||||||||||
Net recoveries (charge-offs): | |||||||||||||||||||||||||||||
Charge-offs | (1,977 | ) | (3,010 | ) | |||||||||||||||||||||||||
Recoveries | 1,915 | 3,227 | |||||||||||||||||||||||||||
Net recoveries (charge-offs) | (62 | ) | 217 | ||||||||||||||||||||||||||
Balance, end of period | $ | 26,039 | $ | 29,641 | |||||||||||||||||||||||||
Annualized net charge-offs (recoveries) during the period to average loans | 0.02 | % | (0.08 | )% | |||||||||||||||||||||||||
Annualized net charge-offs (recoveries) during the period to ALL | 0.97 | % | (2.93 | )% | |||||||||||||||||||||||||
Allowance for loan losses to loans held for investment | 2.13 | % | 2.66 | % | |||||||||||||||||||||||||
The following table presents ALL activity by portfolio segment for the three months ended March 31, 2014: | |||||||||||||||||||||||||||||
Real Estate - Mortgage | |||||||||||||||||||||||||||||
(dollars in thousands) | Commercial and Agricultural | Real Estate - Construction | 1-4 Family Residential | Commercial | Consumer | Total | |||||||||||||||||||||||
ALL: | |||||||||||||||||||||||||||||
Beginning balance | $ | 2,931 | $ | 5,233 | $ | 8,869 | $ | 7,195 | $ | 2,557 | $ | 26,785 | |||||||||||||||||
Charge-offs | (389 | ) | (533 | ) | (484 | ) | (66 | ) | (505 | ) | (1,977 | ) | |||||||||||||||||
Recoveries | 392 | 964 | 235 | 66 | 258 | 1,915 | |||||||||||||||||||||||
Provision | 507 | (356 | ) | (697 | ) | (229 | ) | 91 | (684 | ) | |||||||||||||||||||
Ending balance | $ | 3,441 | $ | 5,308 | $ | 7,923 | $ | 6,966 | $ | 2,401 | $ | 26,039 | |||||||||||||||||
The following table presents ALL activity by portfolio segment for the three months ended March 31, 2013: | |||||||||||||||||||||||||||||
Real Estate - Mortgage | |||||||||||||||||||||||||||||
(dollars in thousands) | Commercial and Agricultural | Real Estate - Construction | 1-4 Family Residential | Commercial | Consumer | Total | |||||||||||||||||||||||
ALL: | |||||||||||||||||||||||||||||
Beginning balance | $ | 3,238 | $ | 4,987 | $ | 8,701 | $ | 9,627 | $ | 2,761 | $ | 29,314 | |||||||||||||||||
Charge-offs | (319 | ) | (344 | ) | (632 | ) | (891 | ) | (824 | ) | (3,010 | ) | |||||||||||||||||
Recoveries | 278 | 796 | 185 | 932 | 1,036 | 3,227 | |||||||||||||||||||||||
Provision | 176 | 155 | 549 | (377 | ) | (393 | ) | 110 | |||||||||||||||||||||
Ending balance | $ | 3,373 | $ | 5,594 | $ | 8,803 | $ | 9,291 | $ | 2,580 | $ | 29,641 | |||||||||||||||||
The following table details the recorded investment in loans related to each segment in the allowance for loan losses by portfolio segment and disaggregated on the basis of impairment evaluation methodology at March 31, 2014: | |||||||||||||||||||||||||||||
Real Estate - Mortgage | |||||||||||||||||||||||||||||
(dollars in thousands) | Commercial and Agricultural | Real Estate - Construction | 1-4 Family Residential | Commercial | Consumer | Total | |||||||||||||||||||||||
ALL: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 73 | $ | 561 | $ | 485 | $ | — | $ | 1,119 | |||||||||||||||||
Collectively evaluated for impairment | 2,803 | 4,087 | 6,972 | 3,610 | 2,211 | 19,683 | |||||||||||||||||||||||
PI loans evaluated for credit impairment | 638 | 1,148 | 390 | 2,871 | 190 | 5,237 | |||||||||||||||||||||||
PI loans with no credit deterioration | — | — | — | — | — | — | |||||||||||||||||||||||
Total ALL | $ | 3,441 | $ | 5,308 | $ | 7,923 | $ | 6,966 | $ | 2,401 | $ | 26,039 | |||||||||||||||||
Loans held for investment | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 242 | $ | 3,326 | $ | 12,997 | $ | 24,878 | $ | — | $ | 41,443 | |||||||||||||||||
Collectively evaluated for impairment | 66,014 | 52,778 | 598,378 | 264,680 | 47,459 | 1,029,309 | |||||||||||||||||||||||
PI loans with subsequent credit deterioration | 5,425 | 9,946 | 16,031 | 106,248 | 1,139 | 138,789 | |||||||||||||||||||||||
PI loans with no credit deterioration | 4,297 | 1,254 | 4,368 | 304 | 21 | 10,244 | |||||||||||||||||||||||
Total loans | $ | 75,978 | $ | 67,304 | $ | 631,774 | $ | 396,110 | $ | 48,619 | $ | 1,219,785 | |||||||||||||||||
The following table details the recorded investment in loans related to each segment in the allowance for loan losses by portfolio segment and disaggregated on the basis of impairment evaluation methodology at December 31, 2013: | |||||||||||||||||||||||||||||
Real Estate - Mortgage | |||||||||||||||||||||||||||||
(dollars in thousands) | Commercial and Agricultural | Real Estate - Construction | 1-4 Family Residential | Commercial | Consumer | Total | |||||||||||||||||||||||
ALL: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | 927 | $ | — | $ | — | $ | 927 | |||||||||||||||||
Collectively evaluated for impairment | 2,549 | 4,218 | 7,218 | 3,944 | 2,369 | 20,298 | |||||||||||||||||||||||
PI loans evaluated for credit impairment | 382 | 1,015 | 724 | 3,251 | 188 | 5,560 | |||||||||||||||||||||||
PI loans with no credit deterioration | — | — | — | — | — | — | |||||||||||||||||||||||
Total ALL | $ | 2,931 | $ | 5,233 | $ | 8,869 | $ | 7,195 | $ | 2,557 | $ | 26,785 | |||||||||||||||||
Loans held for investment | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 398 | $ | 4,734 | $ | 14,119 | $ | 23,579 | $ | — | $ | 42,830 | |||||||||||||||||
Collectively evaluated for impairment | 61,125 | 49,457 | 595,135 | 258,167 | 43,883 | 1,007,767 | |||||||||||||||||||||||
PI loans with subsequent credit deterioration | 10,729 | 9,792 | 26,628 | 113,178 | 980 | 161,307 | |||||||||||||||||||||||
PI loans with no credit deterioration | — | 100 | 225 | — | 19 | 344 | |||||||||||||||||||||||
Total loans | $ | 72,252 | $ | 64,083 | $ | 636,107 | $ | 394,924 | $ | 44,882 | $ | 1,212,248 | |||||||||||||||||
Troubled Debt Restructuring | |||||||||||||||||||||||||||||
The following table presents a breakdown of troubled debt restructurings that were restructured during the three months ended March 31, 2014 and March 31, 2013, segregated by portfolio segment: | |||||||||||||||||||||||||||||
For Three Months Ended March 31, 2014 | For Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||
Outstanding | Outstanding | Outstanding | Outstanding | ||||||||||||||||||||||||||
(dollars in thousands) | Number | Recorded | Recorded | Number | Recorded | Recorded | |||||||||||||||||||||||
of Loans | Investment | Investment | of Loans | Investment | Investment | ||||||||||||||||||||||||
Commercial and agricultural | 1 | $ | 11 | $ | 11 | — | $ | — | $ | — | |||||||||||||||||||
Real estate - construction | — | — | — | — | — | — | |||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 5 | 735 | 732 | 4 | 1,777 | 1,773 | |||||||||||||||||||||||
Commercial | — | — | — | 1 | 1,151 | 807 | |||||||||||||||||||||||
Consumer | — | — | — | — | — | — | |||||||||||||||||||||||
Total | 6 | $ | 746 | $ | 743 | 5 | $ | 2,928 | $ | 2,580 | |||||||||||||||||||
During the three months ended March 31, 2014, we modified six loans that were considered to be troubled debt restructurings. We extended the terms for two of these loans and both extended the terms and modified the interest rate for the four remaining loans. During the three months ended March 31, 2013, we modified five loans that were considered to be troubled debt restructurings. We extended the terms and modified the interest rate for each of these loans. | |||||||||||||||||||||||||||||
There were no loans restructured in the twelve months prior to March 31, 2014 that went into default during the three months ended March 31, 2014. There were also no loans restructured in the twelve months prior to March 31, 2013 that went into default during the three months ended March 31, 2013. | |||||||||||||||||||||||||||||
In the determination of the ALL, management considers troubled debt restructurings and any subsequent defaults in these restructurings as impaired loans. The amount of the impairment is measured using the present value of expected future cash flows discounted at the loan's effective interest rate, the observable market price of the loan, or the fair value of the collateral if the loan is collateral dependent. | |||||||||||||||||||||||||||||
Unfunded Commitments | |||||||||||||||||||||||||||||
The reserve for unfunded commitments, which is included in other liabilities, is calculated by estimating the amount of additional | |||||||||||||||||||||||||||||
funding on the commitment and multiplying that amount by the historical loss rate (including Q&E factors). The following | |||||||||||||||||||||||||||||
describes our method for determining the estimated additional funding by commitment type: | |||||||||||||||||||||||||||||
• | Straight Lines of Credit - Unfunded balance of line of credit (100% utilization) | ||||||||||||||||||||||||||||
• | Revolving Lines of Credit - Average Utilization (for the last 12 months) less Current Utilization | ||||||||||||||||||||||||||||
• | Letters of Credit - 10% utilization | ||||||||||||||||||||||||||||
The reserve for unfunded commitments was $0.6 million as of March 31, 2014 and $0.5 million at December 31, 2013. |
Other_Real_Estate_Owned_and_Pr
Other Real Estate Owned and Property Acquired in Settlement of Loans | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Repossessed Assets [Abstract] | ' | ||||||||
Other Real Estate Owned and Property Acquired in Settlement of Loans | ' | ||||||||
Other Real Estate Owned and Personal Property Acquired in Settlement of Loans | |||||||||
OREO consists of real estate acquired through foreclosure or deed in lieu thereof. The property is classified as held for sale. The property is initially carried at fair value based on recent appraisals, less estimated costs to sell. Declines in the fair value of properties included in other real estate below carrying value are recognized by a charge to income. | |||||||||
Total OREO and personal property acquired in settlement of loans decreased $3.8 million during the first three months of 2014 from $28.4 million at December 31, 2013, to $24.6 million at March 31, 2014. This represents 42% of total nonperforming assets. At December 31, 2013, OREO and personal property acquired in settlement of loans represented 45% of total nonperforming assets. | |||||||||
The following table summarizes OREO and personal property acquired in settlement of loans at the periods indicated: | |||||||||
(dollars in thousands) | March 31, 2014 | December 31, 2013 | |||||||
Real estate acquired in settlement of loans | $ | 24,573 | $ | 28,353 | |||||
Personal property acquired in settlement of loans | 51 | 42 | |||||||
Total property acquired in settlement of loans | $ | 24,624 | $ | 28,395 | |||||
The following tables summarize the changes in real estate acquired in settlement of loans at the periods indicated: | |||||||||
For Three Months Ended | |||||||||
(dollars in thousands) | March 31, 2014 | March 31, 2013 | |||||||
Real estate acquired in settlement of loans, beginning of period | $ | 28,353 | $ | 62,796 | |||||
Plus: New real estate acquired in settlement of loans | 268 | 3,969 | |||||||
Less: Sales of real estate acquired in settlement of loans | (3,774 | ) | (20,239 | ) | |||||
Less: Write-downs and net gain (loss) on sales charged to expense | (274 | ) | (219 | ) | |||||
Real estate acquired in settlement of loans, end of period | $ | 24,573 | $ | 46,307 | |||||
At March 31, 2014, 11 assets with a net carrying amount of $3.6 million were under contract for sale. Estimated losses on these sales have been recognized in the Consolidated Statements of Operations in the first three months of 2014. | |||||||||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share | ' | ||||||||
Earnings Per Share | |||||||||
Basic net earnings (loss) per share, or basic earnings (loss) per share (“EPS”), is computed by dividing net loss to common shareholders by the weighted average number of common shares outstanding for the period. We retired our Series A preferred stock in 2011. | |||||||||
Diluted EPS reflects the potential dilution that could occur if COB's potential common stock, which consists of dilutive stock options and a common stock warrant, were issued. As required for entities with complex capital structures, a dual presentation of basic and diluted EPS is included on the face of the income statement, and a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation is provided in this note. | |||||||||
(dollars in thousands, except per share data) | For Three Months Ended | ||||||||
31-Mar-14 | 31-Mar-13 | ||||||||
Net income (loss) | $ | 1,277 | $ | (4,596 | ) | ||||
Weighted average number of shares outstanding - basic and diluted | 21,935,566 | 21,698,115 | |||||||
Net income (loss) per share - basic and diluted | $ | 0.06 | $ | (0.21 | ) | ||||
During the three months ended March 31, 2014 and 2013, the price of the Company's common stock (as quoted on the Nasdaq Capital Market) was below the exercise price of all vested stock options and the common stock warrant. As a result, the options and warrants were considered antidilutive and thus are not included in the diluted share calculation. For the three months ended March 31, 2014, there were 22,742 antidilutive shares. For the three months ended March 31, 2013, there were 23,123 antidilutive shares. Of the antidilutive shares, the number of shares relating to stock options were 670 for the three months ended March 31, 2014, and 1,051 for the three months ended March 31, 2013, while the number relating to the warrant was 22,072 for all periods presented. |
Derivatives_and_Financial_Inst
Derivatives and Financial Instruments | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||
Derivative and Financial Instruments | ' | ||||||||
Derivatives and Financial Instruments | |||||||||
A derivative is a financial instrument that derives its cash flows, and therefore its value, by reference to an underlying instrument, index or referenced interest rate. These instruments include interest rate swaps, caps, floors, collars, options or other financial instruments designed to hedge exposures to interest rate risk or for speculative purposes. | |||||||||
Accounting guidance requires an entity to recognize all derivatives as either assets or liabilities in the balance sheet, and measure those instruments at fair value. Changes in the fair value of those derivatives are reported in current earnings or other comprehensive income depending on the purpose for which the derivative is held and whether the derivative qualifies for hedge accounting. | |||||||||
In connection with its asset / liability management objectives, the Company during the first quarter of 2014 entered into two interest rate swaps on $40 million of FHLB advances, each swap having a $20 million notional amount, that convert the floating rate cash flow exposure on the FHLB advances to a fixed rate cash flow. As structured, the receive-variable, pay-fixed swaps were evaluated as being cash flow hedges with no ineffectiveness in the first quarter of 2014. The differences in cash flows in each period between the fixed rate interest payments that the Company makes and the variable rate interest payments received is currently reported in earnings. These interest rate swaps mature on June 15, 2020. | |||||||||
Mortgage banking derivatives used in the ordinary course of business consist of mandatory forward sales contracts or forward contracts and rate lock loan commitments. The fair value of our derivative instruments is primarily measured by obtaining pricing from broker-dealers recognized to be market participants. | |||||||||
We have established guidelines in originating, selling loans to Fannie Mae, and retaining or selling the loan servicing rights. The commitments to borrowers to originate residential mortgage loans and the forward sales commitments to investors are freestanding derivative instruments. As such, they do not qualify for hedge accounting treatment, and the fair value adjustments for these instruments is recorded through the Consolidated Statements of Operations in mortgage loan income. The fair market value of mortgage banking derivatives is recorded in the consolidated balance sheet in Other Assets. | |||||||||
Gain (Loss) Recognized | |||||||||
(dollars in thousands) | For Three Months Ended | ||||||||
March 31, 2014 | March 31, 2013 | ||||||||
Derivatives designated as hedging instruments: | |||||||||
Interest rate swap contracts - FHLB advances | $ | — | $ | — | |||||
Derivatives not designated as hedging instruments: | |||||||||
Mortgage loan rate lock commitments | $ | 2 | $ | 8 | |||||
Mortgage loan forward sales | 1 | (78 | ) | ||||||
Total | $ | 3 | $ | (70 | ) | ||||
Fair_Values_of_Assets_and_Liab
Fair Values of Assets and Liabilities | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Values of Assets and Liabilities | ' | ||||||||||||||||||||
Fair Values of Assets and Liabilities | |||||||||||||||||||||
We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available-for-sale, derivative assets and liabilities, performing mortgage loans held for sale, and mortgage servicing rights are recorded at fair value on a recurring basis. Additionally, from time-to-time, we may be required to record at fair value other assets and liabilities on a nonrecurring basis, such as loans held for investment, impaired loans and certain other assets and liabilities. These nonrecurring fair value adjustments typically involve application of lower of cost or market accounting or write-downs of individual assets or liabilities. | |||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||
We group assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: | |||||||||||||||||||||
Level 1: Valuation is based upon quoted prices for identical instruments traded in active markets. | |||||||||||||||||||||
Level 2: Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | |||||||||||||||||||||
Level 3: Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. | |||||||||||||||||||||
The following is a description of valuation methodologies used for assets and liabilities recorded at fair value: | |||||||||||||||||||||
Investments Securities Available-for-Sale | |||||||||||||||||||||
Investment securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security's credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities issued by government sponsored entities, municipal bonds and corporate debt securities. Securities classified as Level 3 may include asset-backed securities in less liquid markets. | |||||||||||||||||||||
Liquidity is a significant factor in the determination of the fair values of available-for-sale debt securities. Market price quotes may not be readily available for some positions, or positions within a market sector where trading activity has slowed significantly or ceased. Some of these instruments are valued using a discounted cash flow model, which estimates the fair value of the securities using internal credit risk, interest rate and prepayment risk models that incorporate management's best estimate of current key assumptions such as default rates, loss severity and prepayment rates. Principal and interest cash flows are discounted using an observable discount rate for similar instruments with adjustments that management believes a market participant would consider in determining fair value for the specific security. Underlying assets are valued using external pricing services, where available, or matrix pricing based on the vintages and ratings. Situations of illiquidity generally are triggered by the market's perception of credit uncertainty regarding a single company or a specific market sector. In these instances, fair value is determined based on limited available market information and other factors, principally from reviewing the issuer's financial statements and changes in credit ratings made by one or more ratings agencies. | |||||||||||||||||||||
Loans Held for Sale | |||||||||||||||||||||
Loans held for sale are carried at the lower of cost or fair value less estimated costs to sell. Once sold, the loans are beyond the reach of COB in all respects and the purchasing investor has all rights of ownership, including the ability to pledge or exchange the loans. Most of the loans sold are without recourse. Gains or losses on loan sales are recognized at the time of sale, are determined by the difference between net sales proceeds and the carrying value of the loan sold, and are included in Consolidated Statements of Operations. Since loans held for sale are carried at the lower of cost or fair value, the fair value of loans held for sale is based on contractual agreements with independent third party buyers. As such, we classify loans held for sale subjected to nonrecurring fair value adjustments as Level 2. Based on the nature of the portfolio, lack of market volatility and the short duration for which the loans are held, fair value generally exceeds cost. | |||||||||||||||||||||
Loans Held for Investment | |||||||||||||||||||||
We do not record loans held for investment at fair value on a recurring basis. However, from time to time, a loan is considered impaired and the related impairment is charged against the allowance or a specific allowance is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as impaired, management determines the fair value of the loan to quantify impairment, should such exist. The fair value of impaired loans is estimated using one of several methods, including collateral net liquidation value, market value of similar debt, enterprise value, and discounted cash flows. Those impaired loans not requiring a specific allowance represent loans for which the fair value of the expected repayments or collateral meet or exceed the recorded investments in such loans. At March 31, 2014 and December 31, 2013, substantially all of the total impaired loans were evaluated based on the fair value of the collateral. Impaired loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. We record impaired loans as nonrecurring Level 3. | |||||||||||||||||||||
Other Real Estate Owned | |||||||||||||||||||||
OREO is adjusted to fair value upon transfer of the loans to OREO. Subsequently, OREO is carried at the lower of carrying value or fair value less estimated costs to sell. Fair value is based upon independent market prices, appraised values of the collateral or management's estimation of the value of the collateral. Given the lack of observable market prices for identical properties, we record OREO as nonrecurring Level 3. | |||||||||||||||||||||
Interest Rate Locks and Forward Loan Sale Commitments | |||||||||||||||||||||
We enter into interest rate lock commitments and commitments to sell mortgages. The fair value of interest rate lock commitments is based on servicing rate premium, origination income net of origination costs, fall out rates and changes in loan pricing between the commitment date and the balance sheet date. The fair value of forward loan sale commitments is based on pricing in a secondary market. We record interest rate lock commitments as recurring level 2. | |||||||||||||||||||||
Interest Rate Swaps | |||||||||||||||||||||
We enter into interest rate swaps to hedge the variability of interest cash flow payments on certain FHLB advances. These cash flow hedges are recorded through other comprehensive income at fair value. Any ineffectiveness of the hedge is included in current period earnings. The fair value of our interest rate swaps is based on a third party valuation because there is not a readily available quoted price in the market. We record interest rate swap commitments as recurring level 2. | |||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||
The fair value of mortgage serving rights (MSR) is dependent upon a number of assumptions including the fee per loan, the cost to service, the expected loan prepayment rate, and the discount rate. In determining the fair value of the existing MSR management reviews the key assumptions, analyzes pricing in the market for comparable MSR, and uses a third party provider to independently calculate the fair value of its MSR. We record mortgage servicing rights as recurring Level 3. | |||||||||||||||||||||
Assets and Liabilities Recorded at Fair Value on a Recurring Basis | |||||||||||||||||||||
Assets and liabilities carried at fair value on a recurring basis at March 31, 2014 are summarized in the following table: | |||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets: | |||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||
U.S. government sponsored agencies | $ | 2,070 | $ | — | $ | 2,070 | $ | — | |||||||||||||
Residential mortgage-backed securities-GSE | 337,564 | — | 337,564 | — | |||||||||||||||||
Residential mortgage-backed securities-Private | 20,282 | — | 20,282 | — | |||||||||||||||||
Commercial mortgage-backed securities-GSE | 21,590 | 21,590 | |||||||||||||||||||
Commercial mortgage-backed securities-Private | 9,844 | — | 9,844 | — | |||||||||||||||||
Business Development Company investment | 2,651 | 2,651 | — | — | |||||||||||||||||
Corporate notes | 8,467 | — | 8,467 | — | |||||||||||||||||
Total available-for-sale debt securities | 402,468 | 2,651 | 399,817 | — | |||||||||||||||||
Mortgage servicing rights | 1,587 | — | — | 1,587 | |||||||||||||||||
Interest rate swaps | 41 | — | 41 | — | |||||||||||||||||
Interest rate locks and forward loan sales commitments | 39 | — | 39 | — | |||||||||||||||||
Total assets at fair value | $ | 404,135 | $ | 2,651 | $ | 399,897 | $ | 1,587 | |||||||||||||
Assets and liabilities carried at fair value on a recurring basis at December 31, 2013 are summarized in the following table: | |||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets: | |||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||
U.S. government sponsored agencies | $ | 2,077 | $ | — | $ | 2,077 | $ | — | |||||||||||||
Residential mortgage-backed securities-GSE | 341,147 | — | 341,147 | — | |||||||||||||||||
Residential mortgage-backed securities-Private | 20,752 | — | 20,752 | — | |||||||||||||||||
Commercial mortgage-backed securities-GSE | 21,439 | — | 21,439 | — | |||||||||||||||||
Commercial mortgage-backed securities-Private | 9,585 | — | 9,585 | — | |||||||||||||||||
Business Development Company investment | 2,737 | 2,737 | — | — | |||||||||||||||||
Corporate notes | 16,877 | — | 16,877 | — | |||||||||||||||||
Total available-for-sale debt securities | 414,614 | 2,737 | 411,877 | — | |||||||||||||||||
Mortgage servicing rights | 1,552 | — | — | 1,552 | |||||||||||||||||
Interest rate locks and forward loan sales commitments | 39 | — | 39 | — | |||||||||||||||||
Total assets at fair value | $ | 416,205 | $ | 2,737 | $ | 411,916 | $ | 1,552 | |||||||||||||
The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the periods indicated: | |||||||||||||||||||||
Fair Value Measurements Using Significant | |||||||||||||||||||||
Unobservable Inputs (Level 3) | |||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||
(dollars in thousands) | Three Months Ended March 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Balance, beginning of period | $ | 1,552 | $ | 726 | |||||||||||||||||
Total gains or losses (realized/unrealized): | |||||||||||||||||||||
Included in earnings, gross | 144 | 348 | |||||||||||||||||||
Less amortization | (109 | ) | (46 | ) | |||||||||||||||||
Balance, end of period | $ | 1,587 | $ | 1,028 | |||||||||||||||||
Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis | |||||||||||||||||||||
We may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with U.S. generally accepted accounting principles. These include assets that are measured at the lower of cost or market that were recognized at fair value below cost at the end of the period. This is due to further deterioration in the value of the assets. There were no loans held for sale that had a fair value below cost in any periods reported. | |||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis are included in the following table at March 31, 2014: | |||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Impaired loans, net | $ | 6,993 | $ | — | $ | — | $ | 6,993 | |||||||||||||
Other real estate owned | 17,840 | — | — | 17,840 | |||||||||||||||||
Total assets at fair value from continuing operations | $ | 24,833 | $ | — | $ | — | $ | 24,833 | |||||||||||||
Assets measured at fair value on a nonrecurring basis are included in the following table at December 31, 2013: | |||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Impaired loans, net | $ | 2,038 | $ | — | $ | — | $ | 2,038 | |||||||||||||
Other real estate owned | 18,263 | — | — | 18,263 | |||||||||||||||||
Total assets at fair value from continuing operations | $ | 20,301 | $ | — | $ | — | $ | 20,301 | |||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||
(dollars in thousands) | Fair Value at March 31, 2014 | Valuation Techniques | Unobservable | Range | |||||||||||||||||
Input | |||||||||||||||||||||
Impaired loans, net | $ | 6,993 | Discounted appraisals | Collateral discounts | 1.00% - 30.00% | ||||||||||||||||
Other real estate owned | 17,840 | Discounted appraisals | Collateral discounts | 1.00% - 30.00% | |||||||||||||||||
Mortgage servicing rights | 1,587 | Discounted cash flows | Prepayment rate | 10.00% - 25.00% | |||||||||||||||||
Mortgage servicing rights | Discount rate | 6.00% - 10.00% | |||||||||||||||||||
(dollars in thousands) | Fair Value at | Valuation Techniques | Unobservable | Range | |||||||||||||||||
31-Dec-13 | Input | ||||||||||||||||||||
Impaired loans, net | $ | 2,038 | Discounted appraisals | Collateral discounts | 1.00%-30.00% | ||||||||||||||||
Other real estate owned | 18,263 | Discounted appraisals | Collateral discounts | 1.00%-30.00% | |||||||||||||||||
Mortgage servicing rights | 1,552 | Discounted cash flows | Prepayment rate | 10.00% - 25.00% | |||||||||||||||||
Mortgage servicing rights | Discount rate | 6.00% - 10.00% | |||||||||||||||||||
Level 3 Valuation Methodologies. Following is a description of the unobservable inputs used for Level 3 fair value measurements. | |||||||||||||||||||||
Disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value is required. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time our entire holdings of a particular financial instrument. | |||||||||||||||||||||
Because no market exists for a portion of our financial instruments, fair value estimates are based on judgments regarding future expected losses, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. | |||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||
The following methods and assumptions were used to estimate the fair value for each class of COB's financial instruments. | |||||||||||||||||||||
Cash and cash equivalents. Fair value equals the carrying value of such assets due to their nature and is classified as Level 1. | |||||||||||||||||||||
Investment securities. The fair value of investment securities is based on quoted market prices, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. The fair value of equity investments in the restricted stock of the FRBR and FHLB approximates the carrying value. The fair value of investment securities is classified as Level 1 if a quoted market price is available, or Level 2 if a quoted market price is not available. | |||||||||||||||||||||
Loans held for sale. Substantially all residential mortgage loans held for sale are pre-sold and their carrying value approximates fair value. We classified the fair value of loans held for sale as Level 2. | |||||||||||||||||||||
Loans held for investment. The fair value of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. We classified the fair value of loans as Level 3. | |||||||||||||||||||||
Accrued interest receivable and payable. The carrying amounts of accrued interest payable and receivable approximate fair value and are classified as Level 2 if the related asset or liability is classified as Level 2, or Level 3 if the related asset or liability is classified as Level 3. | |||||||||||||||||||||
Deposits. The fair value of noninterest-bearing and interest-bearing demand deposits and savings are the amounts payable on demand because these products have no stated maturity. The fair value of time deposits is estimated using the rates currently offered for deposits of similar remaining maturities and are classified as Level 2. | |||||||||||||||||||||
Borrowed funds. The carrying value of retail repurchase agreements is considered to be a reasonable estimate of fair value. The fair value of FHLB advances and other borrowed funds is estimated using the rates currently offered for advances of similar remaining maturities and is classified as Level 2. For the long-term note payable, the current market rate for similar debt is substantially equal to the rate on this note, so its fair value approximates its carrying value. | |||||||||||||||||||||
Junior subordinated debentures. Included in junior subordinated debentures are variable rate trust preferred securities issued by COB. Fair values for the trust preferred securities were estimated by developing cash flow estimates for each of these debt instruments based on scheduled principal and interest payments and current interest rates. Once the cash flows were determined, a rate for comparable subordinated debt was used to discount the cash flows to the present value. The estimated fair value for our junior subordinated debentures have declined due to wider credit spreads (i.e., spread to LIBOR) on similar trust preferred issues. This is due, in part, to proposed bank regulatory changes in bank capital structure. We classified the fair value of junior subordinated debentures as Level 3. | |||||||||||||||||||||
Financial instruments with off-balance sheet risk. The fair value of financial instruments with off-balance sheet risk is considered to approximate carrying value, since the large majority of these future financing commitments would result in loans that have variable rates and/or relatively short terms to maturity. For other commitments, generally of a short-term nature, the carrying value is considered to be a reasonable estimate of fair value. | |||||||||||||||||||||
The estimated fair values of financial instruments are as follows at the periods indicated: | |||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||
(dollars in thousands) | Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 104,951 | $ | 104,951 | $ | 104,951 | $ | — | $ | — | |||||||||||
Investment securities: Available-for-sale | 402,468 | 402,468 | 2,651 | 399,817 | — | ||||||||||||||||
Investment securities: Held-to-maturity | 149,060 | 141,002 | — | 141,002 | — | ||||||||||||||||
Loans held for sale | 1,961 | 1,961 | — | 1,961 | — | ||||||||||||||||
Loans, net | 1,193,746 | 1,179,506 | — | — | 1,179,506 | ||||||||||||||||
Accrued interest receivable | 6,307 | 6,307 | — | 1,500 | 4,807 | ||||||||||||||||
Interest rate swaps | 41 | 41 | — | 41 | — | ||||||||||||||||
Interest rate locks and forward loan sale commitments | 39 | 39 | — | 39 | — | ||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Deposits | 1,767,930 | 1,768,997 | — | 1,768,997 | — | ||||||||||||||||
Retail repurchase agreements | 5,152 | 5,152 | — | 5,152 | — | ||||||||||||||||
Federal Home Loan Bank advances | 73,271 | 76,224 | — | 76,224 | — | ||||||||||||||||
Long-term notes payable | 5,281 | 5,281 | — | — | 5,281 | ||||||||||||||||
Junior subordinated debentures | 56,702 | 22,973 | — | — | 22,973 | ||||||||||||||||
Accrued interest payable | 2,868 | 2,868 | — | 378 | 2,490 | ||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
(dollars in thousands) | Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 67,430 | $ | 67,430 | $ | 67,430 | $ | — | $ | — | |||||||||||
Investment securities: Available-for-sale | 414,614 | 414,614 | 2,737 | 411,877 | — | ||||||||||||||||
Investment securities: Held-to-maturity | 151,795 | 141,125 | 141,125 | — | |||||||||||||||||
Loans held for sale | 1,836 | 1,836 | — | 1,836 | — | ||||||||||||||||
Loans, net | 1,185,463 | 1,129,826 | — | — | 1,129,826 | ||||||||||||||||
Accrued interest receivable | 6,283 | 6,283 | — | 1,583 | 4,700 | ||||||||||||||||
Interest rate locks and forward loan sale commitments | 39 | 39 | — | 39 | — | ||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Deposits | 1,748,705 | 1,748,685 | — | 1,748,685 | — | ||||||||||||||||
Retail repurchase agreements | 6,917 | 6,917 | — | 6,917 | — | ||||||||||||||||
Federal Home Loan Bank advances | 73,283 | 75,663 | — | 75,663 | — | ||||||||||||||||
Long-term notes payable | 5,263 | 5,263 | — | — | 5,263 | ||||||||||||||||
Junior subordinated debentures | 56,702 | 22,316 | — | — | 22,316 | ||||||||||||||||
Accrued interest payable | 2,624 | 2,624 | — | 389 | 2,235 | ||||||||||||||||
There were no transfers between valuation levels for any assets during the three months ended March 31, 2014. If different valuation techniques are deemed necessary, we would consider those transfers to occur at the end of the period when the assets are valued. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||||||
The following tables present the changes in our accumulated other comprehensive income (loss), net of tax, by component for the periods indicated: | |||||||||||||||||
(Dollars in thousands) | Unrealized Gains (Losses) on Available-For-Sale Securities | Interest Rate Swaps | Defined Benefit Plan Items | Total | |||||||||||||
Beginning balance January 1, 2014 | $ | (14,476 | ) | $ | — | $ | (3,129 | ) | $ | (17,605 | ) | ||||||
Other comprehensive income before reclassifications | 3,267 | 25 | — | 3,292 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | — | |||||||||||||
Net current period other comprehensive income | 3,267 | 25 | — | 3,292 | |||||||||||||
Ending balance March 31, 2014 | $ | (11,209 | ) | $ | 25 | $ | (3,129 | ) | $ | (14,313 | ) | ||||||
(Dollars in thousands) | Unrealized Gains (Losses) on Available-For-Sale Securities | Defined Benefit Plan Items | Total | ||||||||||||||
Beginning balance January 1, 2013 | $ | 3,650 | $ | (3,973 | ) | $ | (323 | ) | |||||||||
Other comprehensive loss before reclassifications | (2,985 | ) | — | (2,985 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | (1,438 | ) | (154 | ) | (1,592 | ) | |||||||||||
Net current period other comprehensive loss | (4,423 | ) | (154 | ) | (4,577 | ) | |||||||||||
Ending balance March 31, 2013 | $ | (773 | ) | $ | (4,127 | ) | $ | (4,900 | ) | ||||||||
The following table presents the reclassifications out of our accumulated other comprehensive income (loss) for the three months ended March 31, 2014 and 2013: | |||||||||||||||||
(Dollars in thousands) | Amount Reclassified from AOCI | ||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | Line Item in the Consolidated Statement of Operations | |||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Net realized gains on sale of securities | $ | — | $ | (2,377 | ) | Securities gains, net | |||||||||||
Income tax (benefit) expense | — | 939 | Income tax expense | ||||||||||||||
Total, net of tax | — | (1,438 | ) | ||||||||||||||
Defined benefit plan items: | |||||||||||||||||
Net actuarial gains | — | (254 | ) | Personnel expense | |||||||||||||
Income tax (benefit) expense | — | 100 | Income tax expense | ||||||||||||||
Total, net of tax | — | (154 | ) | ||||||||||||||
Total reclassifications for the period | $ | — | $ | (1,592 | ) | ||||||||||||
Subsequent_Events_Notes
Subsequent Events (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On April 14, 2014 the Company filed an S-3 Registration Statement under the Securities Act of 1933 to offer and sell up to $20,000,000 of common stock, and for the U.S. Treasury to offer and resell up to 1,107,626 shares (including 22,072 shares issuable upon exercise of a warrant) of the Company’s common stock. This registration statement was declared effective on April 30, 2014. While there can be no assurance when or if the US Treasury might decide to complete any sale or sales of its shares or the form of any such sales, in the event that the U.S. Treasury were to sell all of its shares of the Company's common stock, the Company believes that up to 267,937 shares of restricted stock awards granted to senior executives would become non-transferable under the U.S. Treasury’s TARP regulations. In such an event, the Company would expect to cancel any such non-transferable restricted stock awards. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
We have made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these consolidated financial statements in conformity with accounting principles generally accepted in the United States ("GAAP"). Actual results could differ from those estimates. Material estimates subject to change in the near term include, among other items, the allowances for loan losses (“ALL”), estimated cash flows of purchased impaired loans, the carrying value of other real estate owned (“OREO”), the carrying value of intangible assets and the realization of deferred tax assets. | |
Reclassification | ' |
Reclassification | |
Certain reclassifications have been made to the prior period consolidated financial statements to place them on a comparable basis with the current period consolidated financial statements. These reclassifications have no effect on net income or shareholders' equity as previously reported. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
Troubled Debt Restructurings - In January 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-04 Troubled Debt Restructurings by Creditors (Subtopic 310-40): "Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure" (“ASU No. 2014-04”). This pronouncement clarifies the criteria for concluding that an in substance repossession or foreclosure has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan. The amendments also outline interim and annual disclosure requirements. The amendments will be effective for the Company for interim and annual reporting periods beginning after December 15, 2014. Companies are allowed to use either a modified retrospective transition method or a prospective transition method when adopting this update. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. | |
FASB - From time to time, the FASB issues exposure drafts for proposed statements of financial accounting standards. Such exposure drafts are subject to comment from the public, to revisions by the FASB and to final issuance by the FASB as statements of financial accounting standards. | |
Management considers the effect of the proposed statements on the consolidated financial statements of COB and monitors the status of changes to and proposed effective dates of exposure drafts. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on our financial position, results of operations or cash flows. |
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | ' | ||||||||||||||||||||
The following table summarizes the amortized cost and estimated fair value of investment securities and presents the related gross unrealized gains and losses: | |||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||
Available-for-Sale: | |||||||||||||||||||||
Obligations of: | |||||||||||||||||||||
U.S. government sponsored enterprises | $ | 2,045 | $ | 25 | $ | — | $ | 2,070 | |||||||||||||
Residential mortgage-backed securities-GSE | 356,022 | 971 | 19,429 | 337,564 | |||||||||||||||||
Residential mortgage-backed securities-Private | 19,338 | 953 | 9 | 20,282 | |||||||||||||||||
Commercial mortgage-backed securities-GSE | 22,670 | — | 1,080 | 21,590 | |||||||||||||||||
Commercial mortgage-backed securities-Private | 10,398 | — | 554 | 9,844 | |||||||||||||||||
Business Development Company investment | 1,753 | 898 | — | 2,651 | |||||||||||||||||
Corporate notes | 8,393 | 74 | — | 8,467 | |||||||||||||||||
Total available-for-sale | $ | 420,619 | $ | 2,921 | $ | 21,072 | $ | 402,468 | |||||||||||||
Held-to-Maturity: | |||||||||||||||||||||
Residential mortgage-backed securities-GSE | 138,991 | — | 7,564 | 131,427 | |||||||||||||||||
Commercial mortgage-backed securities-Private | 10,069 | — | 494 | 9,575 | |||||||||||||||||
Total held-to-maturity | $ | 149,060 | $ | — | $ | 8,058 | $ | 141,002 | |||||||||||||
Total investment securities | $ | 569,679 | $ | 2,921 | $ | 29,130 | $ | 543,470 | |||||||||||||
December 31, 2013 | |||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||
Available-for-Sale: | |||||||||||||||||||||
Obligations of: | |||||||||||||||||||||
U.S. government sponsored enterprises | $ | 2,051 | $ | 26 | $ | — | $ | 2,077 | |||||||||||||
Residential mortgage-backed securities-GSE | 364,513 | 974 | 24,340 | 341,147 | |||||||||||||||||
Residential mortgage-backed securities-Private | 19,770 | 982 | — | 20,752 | |||||||||||||||||
Commercial mortgage-backed securities-GSE | 22,767 | — | 1,328 | 21,439 | |||||||||||||||||
Commercial mortgage-backed securities-Private | 10,408 | — | 823 | 9,585 | |||||||||||||||||
Business Development Company investment | 1,753 | 984 | 2,737 | ||||||||||||||||||
Corporate notes | 16,795 | 82 | — | 16,877 | |||||||||||||||||
Total available-for-sale | $ | 438,057 | $ | 3,048 | $ | 26,491 | $ | 414,614 | |||||||||||||
Held-to-Maturity: | |||||||||||||||||||||
Residential mortgage-backed securities-GSE | 141,724 | — | 9,907 | 131,817 | |||||||||||||||||
Commercial mortgage-backed securities-Private | 10,071 | — | 763 | 9,308 | |||||||||||||||||
Total held-to-maturity | $ | 151,795 | $ | — | $ | 10,670 | $ | 141,125 | |||||||||||||
Total investment securities | $ | 589,852 | $ | 3,048 | $ | 37,161 | $ | 555,739 | |||||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position | ' | ||||||||||||||||||||
The following tables show our investments' estimated fair value and gross unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at March 31, 2014 and December 31, 2013. The change in unrealized losses during the three months ending March 31, 2014 was attributed to changes in interest rates and not to changes in the credit quality of these securities. All unrealized losses on investment securities are considered by management to be temporary given the credit quality of these investment securities or the short duration of the unrealized loss, or both. | |||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||
(dollars in thousands) | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | |||||||||||||||
March 31, 2014 | |||||||||||||||||||||
Available-for-Sale: | |||||||||||||||||||||
Residential mortgage-backed securities-GSE | $ | 164,313 | $ | 8,975 | $ | 133,699 | $ | 10,454 | $ | 298,012 | $ | 19,429 | |||||||||
Residential mortgage-backed securities-Private | 1,297 | 9 | — | — | 1,297 | 9 | |||||||||||||||
Commercial mortgage-backed securities-GSE | — | — | 21,591 | 1,080 | 21,591 | 1,080 | |||||||||||||||
Commercial mortgage-backed securities-Private | 9,843 | 554 | — | — | 9,843 | 554 | |||||||||||||||
Total available-for-sale | $ | 175,453 | $ | 9,538 | $ | 155,290 | $ | 11,534 | $ | 330,743 | $ | 21,072 | |||||||||
Held-to-Maturity: | |||||||||||||||||||||
Residential mortgage-backed securities-GSE | $ | 131,427 | $ | 7,564 | $ | — | $ | — | $ | 131,427 | $ | 7,564 | |||||||||
Commercial mortgage-backed securities-Private | 9,575 | 494 | — | — | 9,575 | 494 | |||||||||||||||
Total held-to-maturity | $ | 141,002 | $ | 8,058 | $ | — | $ | — | $ | 141,002 | $ | 8,058 | |||||||||
Total | $ | 316,455 | $ | 17,596 | $ | 155,290 | $ | 11,534 | $ | 471,745 | $ | 29,130 | |||||||||
December 31, 2013 | |||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||
Residential mortgage-backed securities-GSE | $ | 222,475 | $ | 16,585 | $ | 76,501 | $ | 7,755 | $ | 298,976 | $ | 24,340 | |||||||||
Commercial mortgage-backed securities-GSE | — | — | 21,439 | 1,328 | 21,439 | 1,328 | |||||||||||||||
Commercial mortgage-backed securities-Private | 9,585 | 823 | — | — | 9,585 | 823 | |||||||||||||||
Total available-for-sale | $ | 232,060 | $ | 17,408 | $ | 97,940 | $ | 9,083 | $ | 330,000 | $ | 26,491 | |||||||||
Held-to-Maturity: | |||||||||||||||||||||
Residential mortgage-backed securities-GSE | $ | 131,817 | $ | 9,907 | $ | — | $ | — | $ | 131,817 | $ | 9,907 | |||||||||
Commercial mortgage-backed securities-Private | 9,308 | 763 | — | — | 9,308 | 763 | |||||||||||||||
Total held-to-maturity | $ | 141,125 | $ | 10,670 | $ | — | $ | — | $ | 141,125 | $ | 10,670 | |||||||||
Total | $ | 373,185 | $ | 28,078 | $ | 97,940 | $ | 9,083 | $ | 471,125 | $ | 37,161 | |||||||||
Available-for-sale Securities, by Maturity Dates | ' | ||||||||||||||||||||
The aggregate amortized cost and fair value of securities at March 31, 2014, by remaining contractual maturity, are shown in the following table. Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. | |||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||
Due in one year or less | $ | 8,393 | $ | 8,467 | $ | — | $ | — | |||||||||||||
Due after one year through five years | 2,045 | 2,070 | — | — | |||||||||||||||||
With no stated maturity | 1,753 | 2,652 | — | — | |||||||||||||||||
Total | 12,191 | 13,189 | — | — | |||||||||||||||||
Mortgage-backed securities | 408,428 | 389,279 | 149,060 | 141,002 | |||||||||||||||||
Total | $ | 420,619 | $ | 402,468 | $ | 149,060 | $ | 141,002 | |||||||||||||
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Loans Receivable, Net [Abstract] | ' | ||||||||||||||||||||||||||||
Past Due Loans | ' | ||||||||||||||||||||||||||||
The following table presents an aging analysis of accruing and nonaccruing loans as of March 31, 2014: | |||||||||||||||||||||||||||||
(dollars in thousands) | Accruing | ||||||||||||||||||||||||||||
30-59 days past due | 60-89 days past due | More than 90 days past due | Nonaccrual | Total past due and nonaccrual | Current and accruing | Total Loans | |||||||||||||||||||||||
PC and Originated Loans | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 43 | $ | — | $ | — | $ | 450 | $ | 493 | $ | 65,763 | $ | 66,256 | |||||||||||||||
Real estate - construction | 68 | — | — | 3,437 | 3,505 | 52,599 | 56,104 | ||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 4,130 | — | — | 10,151 | 14,281 | 597,094 | 611,375 | ||||||||||||||||||||||
Commercial | 1,760 | 324 | 355 | 19,533 | 21,972 | 267,586 | 289,558 | ||||||||||||||||||||||
Consumer | 68 | 3 | — | 32 | 103 | 47,356 | 47,459 | ||||||||||||||||||||||
Total | $ | 6,069 | $ | 327 | $ | 355 | $ | 33,603 | $ | 40,354 | $ | 1,030,398 | $ | 1,070,752 | |||||||||||||||
PI loans | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 97 | $ | — | $ | 2,354 | $ | — | $ | 2,451 | $ | 7,271 | $ | 9,722 | |||||||||||||||
Real estate - construction | 54 | — | 4,569 | — | 4,623 | 6,577 | 11,200 | ||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 137 | 195 | 2,366 | — | 2,698 | 17,701 | 20,399 | ||||||||||||||||||||||
Commercial | 123 | — | 15,440 | — | 15,563 | 90,989 | 106,552 | ||||||||||||||||||||||
Consumer | 2 | — | 13 | — | 15 | 1,145 | 1,160 | ||||||||||||||||||||||
Total | $ | 413 | $ | 195 | $ | 24,742 | $ | — | $ | 25,350 | $ | 123,683 | $ | 149,033 | |||||||||||||||
Total Loans | $ | 6,482 | $ | 522 | $ | 25,097 | $ | 33,603 | $ | 65,704 | $ | 1,154,081 | $ | 1,219,785 | |||||||||||||||
The following table presents an aging analysis of accruing and nonaccruing loans as of December 31, 2013: | |||||||||||||||||||||||||||||
(dollars in thousands) | Accruing | ||||||||||||||||||||||||||||
30-59 days past due | 60-89 days past due | More than 90 days past due | Nonaccrual | Total past due and nonaccrual | Current and accruing | Total Loans | |||||||||||||||||||||||
PC and Originated Loans | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 18 | $ | 43 | $ | — | $ | 516 | $ | 577 | $ | 60,946 | $ | 61,523 | |||||||||||||||
Real estate - construction | 168 | 634 | — | 4,677 | 5,479 | 48,711 | 54,190 | ||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 3,454 | 522 | — | 11,580 | 15,556 | 593,698 | 609,254 | ||||||||||||||||||||||
Commercial | 1,765 | 77 | — | 18,380 | 20,222 | 261,524 | 281,746 | ||||||||||||||||||||||
Consumer | 56 | 17 | — | 12 | 85 | 43,798 | 43,883 | ||||||||||||||||||||||
Total | $ | 5,461 | $ | 1,293 | $ | — | $ | 35,165 | $ | 41,919 | $ | 1,008,677 | $ | 1,050,596 | |||||||||||||||
PI loans | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 35 | $ | 16 | $ | 1,977 | $ | — | $ | 2,028 | $ | 8,701 | $ | 10,729 | |||||||||||||||
Real estate - construction | 48 | — | 2,758 | — | 2,806 | 7,087 | 9,893 | ||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 135 | 9 | 2,907 | — | 3,051 | 23,802 | 26,853 | ||||||||||||||||||||||
Commercial | 903 | — | 17,479 | — | 18,382 | 94,796 | 113,178 | ||||||||||||||||||||||
Consumer | 6 | — | 12 | — | 18 | 981 | 999 | ||||||||||||||||||||||
Total | $ | 1,127 | $ | 25 | $ | 25,133 | $ | — | $ | 26,285 | $ | 135,367 | $ | 161,652 | |||||||||||||||
Total Loans | $ | 6,588 | $ | 1,318 | $ | 25,133 | $ | 35,165 | $ | 68,204 | $ | 1,144,044 | $ | 1,212,248 | |||||||||||||||
Loan Credit Quality Indicators | ' | ||||||||||||||||||||||||||||
The following table presents loans held for investment balances by risk grade as of March 31, 2014: | |||||||||||||||||||||||||||||
(dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | |||||||||||||||||||||||||
(Ratings 1-5) | (Rating 6) | (Rating 7) | (Rating 8) | Total | |||||||||||||||||||||||||
Commercial and agricultural | $ | 70,782 | $ | 1,180 | $ | 4,016 | $ | — | $ | 75,978 | |||||||||||||||||||
Real estate - construction | 54,331 | 3,275 | 9,698 | — | 67,304 | ||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 601,449 | 9,234 | 21,091 | — | 631,774 | ||||||||||||||||||||||||
Commercial | 310,951 | 29,466 | 55,693 | — | 396,110 | ||||||||||||||||||||||||
Consumer | 48,205 | 39 | 66 | 309 | 48,619 | ||||||||||||||||||||||||
Total | $ | 1,085,718 | $ | 43,194 | $ | 90,564 | $ | 309 | $ | 1,219,785 | |||||||||||||||||||
The following table presents loans held for investment balances by risk grade as of December 31, 2013: | |||||||||||||||||||||||||||||
(dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | |||||||||||||||||||||||||
(Ratings 1-5) | (Rating 6) | (Rating 7) | (Rating 8) | Total | |||||||||||||||||||||||||
Commercial and agricultural | $ | 67,277 | $ | 1,262 | $ | 3,713 | $ | — | $ | 72,252 | |||||||||||||||||||
Real estate - construction | 50,138 | 3,984 | 9,961 | — | 64,083 | ||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 601,304 | 10,887 | 23,916 | — | 636,107 | ||||||||||||||||||||||||
Commercial | 307,661 | 29,711 | 57,552 | — | 394,924 | ||||||||||||||||||||||||
Consumer | 44,450 | 40 | 47 | 345 | 44,882 | ||||||||||||||||||||||||
Total | $ | 1,070,830 | $ | 45,884 | $ | 95,189 | $ | 345 | $ | 1,212,248 | |||||||||||||||||||
Schedule of Impaired Loans Receivables | ' | ||||||||||||||||||||||||||||
The following table summarizes information relative to impaired loans for the dates indicated: | |||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Associated Reserves | Balance | Associated Reserves | |||||||||||||||||||||||||
Impaired loans, not individually reviewed for impairment | $ | 4,670 | $ | — | $ | 4,612 | $ | — | |||||||||||||||||||||
Impaired loans, individually reviewed, with no impairment | 33,317 | — | 39,865 | — | |||||||||||||||||||||||||
Impaired loans, individually reviewed, with impairment | 8,112 | 1,119 | 2,965 | 927 | |||||||||||||||||||||||||
Total impaired loans, excluding purchased impaired * | $ | 46,099 | $ | 1,119 | $ | 47,442 | $ | 927 | |||||||||||||||||||||
Purchased impaired loans with subsequent deterioration | $ | 138,789 | 5,237 | $ | 161,307 | 5,560 | |||||||||||||||||||||||
Purchased impaired loans with no subsequent deterioration | $ | 10,244 | — | $ | 344 | — | |||||||||||||||||||||||
Total Reserves | $ | 6,356 | $ | 6,487 | |||||||||||||||||||||||||
Average impaired loans calculated using a simple average | $ | 46,771 | $ | 65,527 | |||||||||||||||||||||||||
* Included at March 31, 2014 and December 31, 2013 were $12.5 million and $12.1 million, respectively, in restructured and performing loans. | |||||||||||||||||||||||||||||
Schedule of Loans, Non Accrual Status | ' | ||||||||||||||||||||||||||||
The following table presents loans held for investment on nonaccrual status by loan class for the dates indicated: | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
March 31, 2014 | 31-Dec-13 | ||||||||||||||||||||||||||||
Loans held for investment: | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 450 | $ | 516 | |||||||||||||||||||||||||
Real estate - construction | 3,437 | 4,677 | |||||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 10,151 | 11,580 | |||||||||||||||||||||||||||
Commercial | 19,533 | 18,380 | |||||||||||||||||||||||||||
Consumer | 32 | 12 | |||||||||||||||||||||||||||
Total nonaccrual loans | $ | 33,603 | $ | 35,165 | |||||||||||||||||||||||||
Loans more than 90 days delinquent, still on accrual | 355 | — | |||||||||||||||||||||||||||
Total nonperforming loans | $ | 33,958 | $ | 35,165 | |||||||||||||||||||||||||
Impaired Loans | ' | ||||||||||||||||||||||||||||
The following table presents individually reviewed impaired loans and purchased impaired loans with subsequent credit deterioration, segregated by portfolio segment, and the corresponding reserve for impaired loan losses as of March 31, 2014: | |||||||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||||||
(dollars in thousands) | Recorded | Principal | Related | ||||||||||||||||||||||||||
Investment | Balance | Allowance | |||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 242 | $ | 485 | $ | — | |||||||||||||||||||||||
Real estate - construction | 2,677 | 3,195 | — | ||||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 9,064 | 11,740 | — | ||||||||||||||||||||||||||
Commercial | 21,334 | 25,856 | — | ||||||||||||||||||||||||||
Consumer | — | — | — | ||||||||||||||||||||||||||
Total | $ | 33,317 | $ | 41,276 | $ | — | |||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Real estate - construction | 648 | 956 | 73 | ||||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 3,920 | 4,207 | 561 | ||||||||||||||||||||||||||
Commercial | 3,544 | 4,555 | 485 | ||||||||||||||||||||||||||
Consumer | — | — | — | ||||||||||||||||||||||||||
Total | $ | 8,112 | $ | 9,718 | $ | 1,119 | |||||||||||||||||||||||
Total individually evaluated impaired loans | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 242 | $ | 485 | $ | — | |||||||||||||||||||||||
Real estate - construction | 3,325 | 4,151 | 73 | ||||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 12,984 | 15,947 | 561 | ||||||||||||||||||||||||||
Commercial | 24,878 | 30,411 | 485 | ||||||||||||||||||||||||||
Consumer | — | — | — | ||||||||||||||||||||||||||
Total | $ | 41,429 | $ | 50,994 | $ | 1,119 | |||||||||||||||||||||||
PI loans with subsequent credit deterioration: | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 5,425 | $ | 4,278 | $ | 638 | |||||||||||||||||||||||
Real estate - construction | 9,946 | 10,919 | 1,148 | ||||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 16,031 | 17,460 | 390 | ||||||||||||||||||||||||||
Commercial | 106,248 | 114,322 | 2,871 | ||||||||||||||||||||||||||
Consumer | 1,139 | 737 | 190 | ||||||||||||||||||||||||||
Total | $ | 138,789 | $ | 147,716 | $ | 5,237 | |||||||||||||||||||||||
The following table presents individually reviewed impaired loans, and purchased impaired loans with subsequent credit deterioration, segregated by portfolio segment, and the corresponding reserve for impaired loan losses as of December 31, 2013: | |||||||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||||||
(dollars in thousands) | Recorded | Principal | Related | ||||||||||||||||||||||||||
Investment | Balance | Allowance | |||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 398 | $ | 643 | $ | — | |||||||||||||||||||||||
Real estate - construction | 4,734 | 8,893 | — | ||||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 11,154 | 14,431 | — | ||||||||||||||||||||||||||
Commercial | 23,579 | 28,905 | — | ||||||||||||||||||||||||||
Consumer | — | — | — | ||||||||||||||||||||||||||
Total | $ | 39,865 | $ | 52,872 | $ | — | |||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Real estate - construction | — | — | — | ||||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 2,965 | 3,032 | 927 | ||||||||||||||||||||||||||
Commercial | — | — | — | ||||||||||||||||||||||||||
Consumer | — | — | — | ||||||||||||||||||||||||||
Total | $ | 2,965 | $ | 3,032 | $ | 927 | |||||||||||||||||||||||
Total individually evaluated impaired loans | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 398 | $ | 643 | $ | — | |||||||||||||||||||||||
Real estate - construction | 4,734 | 8,893 | — | ||||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 14,119 | 17,463 | 927 | ||||||||||||||||||||||||||
Commercial | 23,579 | 28,905 | — | ||||||||||||||||||||||||||
Consumer | — | — | — | ||||||||||||||||||||||||||
Total | $ | 42,830 | $ | 55,904 | $ | 927 | |||||||||||||||||||||||
PI loans with subsequent credit deterioration: | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 10,729 | $ | 10,344 | $ | 382 | |||||||||||||||||||||||
Real estate - construction | 9,792 | 11,216 | 1,015 | ||||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 26,628 | 28,143 | 724 | ||||||||||||||||||||||||||
Commercial | 113,178 | 121,813 | 3,251 | ||||||||||||||||||||||||||
Consumer | 980 | 785 | 188 | ||||||||||||||||||||||||||
Total | $ | 161,307 | $ | 172,301 | $ | 5,560 | |||||||||||||||||||||||
Impaired Loans, Average Recorded Investment and Interest Income | ' | ||||||||||||||||||||||||||||
The following summary includes impaired loans individually reviewed. Average recorded investment and interest income recognized on impaired loans, segregated by portfolio segment, is shown in the following tables as of March 31, 2014 and March 31, 2013: | |||||||||||||||||||||||||||||
For Three Months Ended | For Three Months Ended | ||||||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||
(dollars in thousands) | Recorded | Income | Recorded | Income | |||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 242 | $ | — | $ | 886 | $ | — | |||||||||||||||||||||
Real estate - construction | 2,688 | 10 | 9,233 | — | |||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 9,050 | 28 | 13,472 | 26 | |||||||||||||||||||||||||
Commercial | 21,503 | 89 | 34,010 | 87 | |||||||||||||||||||||||||
Consumer | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 33,483 | $ | 127 | $ | 57,601 | $ | 113 | |||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | — | $ | — | $ | 917 | $ | 5 | |||||||||||||||||||||
Real estate - construction | 650 | 2 | 2,111 | — | |||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 3,829 | 19 | 4,666 | 8 | |||||||||||||||||||||||||
Commercial | 3,552 | 30 | 8,663 | 4 | |||||||||||||||||||||||||
Consumer | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 8,031 | $ | 51 | $ | 16,357 | $ | 17 | |||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 242 | $ | — | $ | 1,803 | $ | 5 | |||||||||||||||||||||
Real estate - construction | 3,338 | 12 | 11,344 | — | |||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 12,879 | 47 | 18,138 | 34 | |||||||||||||||||||||||||
Commercial | 25,055 | 119 | 42,673 | 91 | |||||||||||||||||||||||||
Consumer | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 41,514 | $ | 178 | $ | 73,958 | $ | 130 | |||||||||||||||||||||
Schedule of Loans Receivable, Acquired Loans | ' | ||||||||||||||||||||||||||||
The following table presents the balance of all Granite Purchased Loans: | |||||||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||||||
(dollars in thousands) | Purchased Impaired | Purchased Contractual | Total Purchased Loans | Unpaid | |||||||||||||||||||||||||
Principal | |||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 9,722 | $ | 4,044 | $ | 13,766 | $ | 12,654 | |||||||||||||||||||||
Real estate - construction | 11,200 | — | 11,200 | 12,218 | |||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 20,399 | 25,041 | 45,440 | 47,829 | |||||||||||||||||||||||||
Commercial | 106,552 | 365 | 106,917 | 114,984 | |||||||||||||||||||||||||
Consumer | 1,160 | — | 1,160 | 766 | |||||||||||||||||||||||||
Total | $ | 149,033 | $ | 29,450 | $ | 178,483 | $ | 188,451 | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
(dollars in thousands) | Purchased Impaired | Purchased Contractual | Total | Unpaid | |||||||||||||||||||||||||
Purchased Loans | Principal | ||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||
Commercial and agricultural | $ | 10,729 | $ | 5,948 | $ | 16,677 | $ | 16,452 | |||||||||||||||||||||
Real estate - construction | 9,892 | — | 9,892 | 11,368 | |||||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 26,854 | 22,127 | 48,981 | 51,359 | |||||||||||||||||||||||||
Commercial | 113,178 | 373 | 113,551 | 122,197 | |||||||||||||||||||||||||
Consumer | 998 | — | 998 | 798 | |||||||||||||||||||||||||
Total | $ | 161,651 | $ | 28,448 | $ | 190,099 | $ | 202,174 | |||||||||||||||||||||
Deteriorated Loans Acquired, Accretable Yield Movement Schedule | ' | ||||||||||||||||||||||||||||
The tables below include only those Granite Purchased Loans accounted for under the expected cash flow method (PI loans) for the periods indicated. These tables do not include PC loans, including Granite Purchased PC loans or purchased performing residential mortgage loans. | |||||||||||||||||||||||||||||
For Three Months Ended | For Three Months Ended | ||||||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | ||||||||||||||||||||||||||||
Purchased Impaired | Purchased Impaired | ||||||||||||||||||||||||||||
(dollars in thousands) | Carrying | Future | Carrying | Future Accretion | |||||||||||||||||||||||||
Amount | Accretion | Amount | |||||||||||||||||||||||||||
Balance, beginning of period | $ | 161,651 | $ | 29,987 | $ | 228,392 | $ | 30,299 | |||||||||||||||||||||
Accretion | 2,665 | (2,665 | ) | 4,203 | (4,203 | ) | |||||||||||||||||||||||
Increase in future accretion | — | 1,005 | — | — | |||||||||||||||||||||||||
Reclassification of loans and adjustments | (4,180 | ) | — | — | — | ||||||||||||||||||||||||
Payments received | (11,081 | ) | — | (25,928 | ) | — | |||||||||||||||||||||||
Foreclosed and transferred to OREO | (22 | ) | — | (783 | ) | — | |||||||||||||||||||||||
Subtotal before allowance | 149,033 | 28,327 | 205,884 | 26,096 | |||||||||||||||||||||||||
Allowance for credit losses | (5,237 | ) | — | (5,373 | ) | — | |||||||||||||||||||||||
Net carrying amount, end of period | $ | 143,796 | $ | 28,327 | $ | 200,511 | $ | 26,096 | |||||||||||||||||||||
Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||
An analysis of the changes in the ALL is as follows: | |||||||||||||||||||||||||||||
For Three Months Ended | |||||||||||||||||||||||||||||
(dollars in thousands) | March 31, 2014 | March 31, 2013 | |||||||||||||||||||||||||||
Balance, beginning of period | $ | 26,785 | $ | 29,314 | |||||||||||||||||||||||||
Provision for (recovery of) losses charged to continuing operations | (684 | ) | 110 | ||||||||||||||||||||||||||
Net recoveries (charge-offs): | |||||||||||||||||||||||||||||
Charge-offs | (1,977 | ) | (3,010 | ) | |||||||||||||||||||||||||
Recoveries | 1,915 | 3,227 | |||||||||||||||||||||||||||
Net recoveries (charge-offs) | (62 | ) | 217 | ||||||||||||||||||||||||||
Balance, end of period | $ | 26,039 | $ | 29,641 | |||||||||||||||||||||||||
Annualized net charge-offs (recoveries) during the period to average loans | 0.02 | % | (0.08 | )% | |||||||||||||||||||||||||
Annualized net charge-offs (recoveries) during the period to ALL | 0.97 | % | (2.93 | )% | |||||||||||||||||||||||||
Allowance for loan losses to loans held for investment | 2.13 | % | 2.66 | % | |||||||||||||||||||||||||
Allowance for Loan Losses by Portfolio Segment | ' | ||||||||||||||||||||||||||||
The following table presents ALL activity by portfolio segment for the three months ended March 31, 2014: | |||||||||||||||||||||||||||||
Real Estate - Mortgage | |||||||||||||||||||||||||||||
(dollars in thousands) | Commercial and Agricultural | Real Estate - Construction | 1-4 Family Residential | Commercial | Consumer | Total | |||||||||||||||||||||||
ALL: | |||||||||||||||||||||||||||||
Beginning balance | $ | 2,931 | $ | 5,233 | $ | 8,869 | $ | 7,195 | $ | 2,557 | $ | 26,785 | |||||||||||||||||
Charge-offs | (389 | ) | (533 | ) | (484 | ) | (66 | ) | (505 | ) | (1,977 | ) | |||||||||||||||||
Recoveries | 392 | 964 | 235 | 66 | 258 | 1,915 | |||||||||||||||||||||||
Provision | 507 | (356 | ) | (697 | ) | (229 | ) | 91 | (684 | ) | |||||||||||||||||||
Ending balance | $ | 3,441 | $ | 5,308 | $ | 7,923 | $ | 6,966 | $ | 2,401 | $ | 26,039 | |||||||||||||||||
The following table presents ALL activity by portfolio segment for the three months ended March 31, 2013: | |||||||||||||||||||||||||||||
Real Estate - Mortgage | |||||||||||||||||||||||||||||
(dollars in thousands) | Commercial and Agricultural | Real Estate - Construction | 1-4 Family Residential | Commercial | Consumer | Total | |||||||||||||||||||||||
ALL: | |||||||||||||||||||||||||||||
Beginning balance | $ | 3,238 | $ | 4,987 | $ | 8,701 | $ | 9,627 | $ | 2,761 | $ | 29,314 | |||||||||||||||||
Charge-offs | (319 | ) | (344 | ) | (632 | ) | (891 | ) | (824 | ) | (3,010 | ) | |||||||||||||||||
Recoveries | 278 | 796 | 185 | 932 | 1,036 | 3,227 | |||||||||||||||||||||||
Provision | 176 | 155 | 549 | (377 | ) | (393 | ) | 110 | |||||||||||||||||||||
Ending balance | $ | 3,373 | $ | 5,594 | $ | 8,803 | $ | 9,291 | $ | 2,580 | $ | 29,641 | |||||||||||||||||
Allowance for Loan Losses, Impairment Methodology | ' | ||||||||||||||||||||||||||||
The following table details the recorded investment in loans related to each segment in the allowance for loan losses by portfolio segment and disaggregated on the basis of impairment evaluation methodology at March 31, 2014: | |||||||||||||||||||||||||||||
Real Estate - Mortgage | |||||||||||||||||||||||||||||
(dollars in thousands) | Commercial and Agricultural | Real Estate - Construction | 1-4 Family Residential | Commercial | Consumer | Total | |||||||||||||||||||||||
ALL: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 73 | $ | 561 | $ | 485 | $ | — | $ | 1,119 | |||||||||||||||||
Collectively evaluated for impairment | 2,803 | 4,087 | 6,972 | 3,610 | 2,211 | 19,683 | |||||||||||||||||||||||
PI loans evaluated for credit impairment | 638 | 1,148 | 390 | 2,871 | 190 | 5,237 | |||||||||||||||||||||||
PI loans with no credit deterioration | — | — | — | — | — | — | |||||||||||||||||||||||
Total ALL | $ | 3,441 | $ | 5,308 | $ | 7,923 | $ | 6,966 | $ | 2,401 | $ | 26,039 | |||||||||||||||||
Loans held for investment | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 242 | $ | 3,326 | $ | 12,997 | $ | 24,878 | $ | — | $ | 41,443 | |||||||||||||||||
Collectively evaluated for impairment | 66,014 | 52,778 | 598,378 | 264,680 | 47,459 | 1,029,309 | |||||||||||||||||||||||
PI loans with subsequent credit deterioration | 5,425 | 9,946 | 16,031 | 106,248 | 1,139 | 138,789 | |||||||||||||||||||||||
PI loans with no credit deterioration | 4,297 | 1,254 | 4,368 | 304 | 21 | 10,244 | |||||||||||||||||||||||
Total loans | $ | 75,978 | $ | 67,304 | $ | 631,774 | $ | 396,110 | $ | 48,619 | $ | 1,219,785 | |||||||||||||||||
The following table details the recorded investment in loans related to each segment in the allowance for loan losses by portfolio segment and disaggregated on the basis of impairment evaluation methodology at December 31, 2013: | |||||||||||||||||||||||||||||
Real Estate - Mortgage | |||||||||||||||||||||||||||||
(dollars in thousands) | Commercial and Agricultural | Real Estate - Construction | 1-4 Family Residential | Commercial | Consumer | Total | |||||||||||||||||||||||
ALL: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | 927 | $ | — | $ | — | $ | 927 | |||||||||||||||||
Collectively evaluated for impairment | 2,549 | 4,218 | 7,218 | 3,944 | 2,369 | 20,298 | |||||||||||||||||||||||
PI loans evaluated for credit impairment | 382 | 1,015 | 724 | 3,251 | 188 | 5,560 | |||||||||||||||||||||||
PI loans with no credit deterioration | — | — | — | — | — | — | |||||||||||||||||||||||
Total ALL | $ | 2,931 | $ | 5,233 | $ | 8,869 | $ | 7,195 | $ | 2,557 | $ | 26,785 | |||||||||||||||||
Loans held for investment | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 398 | $ | 4,734 | $ | 14,119 | $ | 23,579 | $ | — | $ | 42,830 | |||||||||||||||||
Collectively evaluated for impairment | 61,125 | 49,457 | 595,135 | 258,167 | 43,883 | 1,007,767 | |||||||||||||||||||||||
PI loans with subsequent credit deterioration | 10,729 | 9,792 | 26,628 | 113,178 | 980 | 161,307 | |||||||||||||||||||||||
PI loans with no credit deterioration | — | 100 | 225 | — | 19 | 344 | |||||||||||||||||||||||
Total loans | $ | 72,252 | $ | 64,083 | $ | 636,107 | $ | 394,924 | $ | 44,882 | $ | 1,212,248 | |||||||||||||||||
Troubled Debt Restructurings on Loans | ' | ||||||||||||||||||||||||||||
The following table presents a breakdown of troubled debt restructurings that were restructured during the three months ended March 31, 2014 and March 31, 2013, segregated by portfolio segment: | |||||||||||||||||||||||||||||
For Three Months Ended March 31, 2014 | For Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||
Outstanding | Outstanding | Outstanding | Outstanding | ||||||||||||||||||||||||||
(dollars in thousands) | Number | Recorded | Recorded | Number | Recorded | Recorded | |||||||||||||||||||||||
of Loans | Investment | Investment | of Loans | Investment | Investment | ||||||||||||||||||||||||
Commercial and agricultural | 1 | $ | 11 | $ | 11 | — | $ | — | $ | — | |||||||||||||||||||
Real estate - construction | — | — | — | — | — | — | |||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
1-4 family residential | 5 | 735 | 732 | 4 | 1,777 | 1,773 | |||||||||||||||||||||||
Commercial | — | — | — | 1 | 1,151 | 807 | |||||||||||||||||||||||
Consumer | — | — | — | — | — | — | |||||||||||||||||||||||
Total | 6 | $ | 746 | $ | 743 | 5 | $ | 2,928 | $ | 2,580 | |||||||||||||||||||
Other_Real_Estate_Owned_and_Pr1
Other Real Estate Owned and Property Acquired in Settlement of Loans (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Repossessed Assets [Abstract] | ' | ||||||||
Schedule of Repossessed Assets | ' | ||||||||
The following table summarizes OREO and personal property acquired in settlement of loans at the periods indicated: | |||||||||
(dollars in thousands) | March 31, 2014 | December 31, 2013 | |||||||
Real estate acquired in settlement of loans | $ | 24,573 | $ | 28,353 | |||||
Personal property acquired in settlement of loans | 51 | 42 | |||||||
Total property acquired in settlement of loans | $ | 24,624 | $ | 28,395 | |||||
Activities of Real Estate Acquired through Foreclosure | ' | ||||||||
The following tables summarize the changes in real estate acquired in settlement of loans at the periods indicated: | |||||||||
For Three Months Ended | |||||||||
(dollars in thousands) | March 31, 2014 | March 31, 2013 | |||||||
Real estate acquired in settlement of loans, beginning of period | $ | 28,353 | $ | 62,796 | |||||
Plus: New real estate acquired in settlement of loans | 268 | 3,969 | |||||||
Less: Sales of real estate acquired in settlement of loans | (3,774 | ) | (20,239 | ) | |||||
Less: Write-downs and net gain (loss) on sales charged to expense | (274 | ) | (219 | ) | |||||
Real estate acquired in settlement of loans, end of period | $ | 24,573 | $ | 46,307 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | ' | ||||||||
As required for entities with complex capital structures, a dual presentation of basic and diluted EPS is included on the face of the income statement, and a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation is provided in this note. | |||||||||
(dollars in thousands, except per share data) | For Three Months Ended | ||||||||
31-Mar-14 | 31-Mar-13 | ||||||||
Net income (loss) | $ | 1,277 | $ | (4,596 | ) | ||||
Weighted average number of shares outstanding - basic and diluted | 21,935,566 | 21,698,115 | |||||||
Net income (loss) per share - basic and diluted | $ | 0.06 | $ | (0.21 | ) | ||||
Derivatives_and_Financial_Inst1
Derivatives and Financial Instruments (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||
Schedule of Derivative Instruments, Gain (Loss) | ' | ||||||||
Gain (Loss) Recognized | |||||||||
(dollars in thousands) | For Three Months Ended | ||||||||
March 31, 2014 | March 31, 2013 | ||||||||
Derivatives designated as hedging instruments: | |||||||||
Interest rate swap contracts - FHLB advances | $ | — | $ | — | |||||
Derivatives not designated as hedging instruments: | |||||||||
Mortgage loan rate lock commitments | $ | 2 | $ | 8 | |||||
Mortgage loan forward sales | 1 | (78 | ) | ||||||
Total | $ | 3 | $ | (70 | ) | ||||
Fair_Values_of_Assets_and_Liab1
Fair Values of Assets and Liabilities (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||||||
Assets and liabilities carried at fair value on a recurring basis at March 31, 2014 are summarized in the following table: | |||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets: | |||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||
U.S. government sponsored agencies | $ | 2,070 | $ | — | $ | 2,070 | $ | — | |||||||||||||
Residential mortgage-backed securities-GSE | 337,564 | — | 337,564 | — | |||||||||||||||||
Residential mortgage-backed securities-Private | 20,282 | — | 20,282 | — | |||||||||||||||||
Commercial mortgage-backed securities-GSE | 21,590 | 21,590 | |||||||||||||||||||
Commercial mortgage-backed securities-Private | 9,844 | — | 9,844 | — | |||||||||||||||||
Business Development Company investment | 2,651 | 2,651 | — | — | |||||||||||||||||
Corporate notes | 8,467 | — | 8,467 | — | |||||||||||||||||
Total available-for-sale debt securities | 402,468 | 2,651 | 399,817 | — | |||||||||||||||||
Mortgage servicing rights | 1,587 | — | — | 1,587 | |||||||||||||||||
Interest rate swaps | 41 | — | 41 | — | |||||||||||||||||
Interest rate locks and forward loan sales commitments | 39 | — | 39 | — | |||||||||||||||||
Total assets at fair value | $ | 404,135 | $ | 2,651 | $ | 399,897 | $ | 1,587 | |||||||||||||
Assets and liabilities carried at fair value on a recurring basis at December 31, 2013 are summarized in the following table: | |||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets: | |||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||
U.S. government sponsored agencies | $ | 2,077 | $ | — | $ | 2,077 | $ | — | |||||||||||||
Residential mortgage-backed securities-GSE | 341,147 | — | 341,147 | — | |||||||||||||||||
Residential mortgage-backed securities-Private | 20,752 | — | 20,752 | — | |||||||||||||||||
Commercial mortgage-backed securities-GSE | 21,439 | — | 21,439 | — | |||||||||||||||||
Commercial mortgage-backed securities-Private | 9,585 | — | 9,585 | — | |||||||||||||||||
Business Development Company investment | 2,737 | 2,737 | — | — | |||||||||||||||||
Corporate notes | 16,877 | — | 16,877 | — | |||||||||||||||||
Total available-for-sale debt securities | 414,614 | 2,737 | 411,877 | — | |||||||||||||||||
Mortgage servicing rights | 1,552 | — | — | 1,552 | |||||||||||||||||
Interest rate locks and forward loan sales commitments | 39 | — | 39 | — | |||||||||||||||||
Total assets at fair value | $ | 416,205 | $ | 2,737 | $ | 411,916 | $ | 1,552 | |||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ||||||||||||||||||||
The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the periods indicated: | |||||||||||||||||||||
Fair Value Measurements Using Significant | |||||||||||||||||||||
Unobservable Inputs (Level 3) | |||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||
(dollars in thousands) | Three Months Ended March 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Balance, beginning of period | $ | 1,552 | $ | 726 | |||||||||||||||||
Total gains or losses (realized/unrealized): | |||||||||||||||||||||
Included in earnings, gross | 144 | 348 | |||||||||||||||||||
Less amortization | (109 | ) | (46 | ) | |||||||||||||||||
Balance, end of period | $ | 1,587 | $ | 1,028 | |||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | ' | ||||||||||||||||||||
(dollars in thousands) | Fair Value at March 31, 2014 | Valuation Techniques | Unobservable | Range | |||||||||||||||||
Input | |||||||||||||||||||||
Impaired loans, net | $ | 6,993 | Discounted appraisals | Collateral discounts | 1.00% - 30.00% | ||||||||||||||||
Other real estate owned | 17,840 | Discounted appraisals | Collateral discounts | 1.00% - 30.00% | |||||||||||||||||
Mortgage servicing rights | 1,587 | Discounted cash flows | Prepayment rate | 10.00% - 25.00% | |||||||||||||||||
Mortgage servicing rights | Discount rate | 6.00% - 10.00% | |||||||||||||||||||
(dollars in thousands) | Fair Value at | Valuation Techniques | Unobservable | Range | |||||||||||||||||
31-Dec-13 | Input | ||||||||||||||||||||
Impaired loans, net | $ | 2,038 | Discounted appraisals | Collateral discounts | 1.00%-30.00% | ||||||||||||||||
Other real estate owned | 18,263 | Discounted appraisals | Collateral discounts | 1.00%-30.00% | |||||||||||||||||
Mortgage servicing rights | 1,552 | Discounted cash flows | Prepayment rate | 10.00% - 25.00% | |||||||||||||||||
Mortgage servicing rights | Discount rate | 6.00% - 10.00% | |||||||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||||||||||
The estimated fair values of financial instruments are as follows at the periods indicated: | |||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||
(dollars in thousands) | Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 104,951 | $ | 104,951 | $ | 104,951 | $ | — | $ | — | |||||||||||
Investment securities: Available-for-sale | 402,468 | 402,468 | 2,651 | 399,817 | — | ||||||||||||||||
Investment securities: Held-to-maturity | 149,060 | 141,002 | — | 141,002 | — | ||||||||||||||||
Loans held for sale | 1,961 | 1,961 | — | 1,961 | — | ||||||||||||||||
Loans, net | 1,193,746 | 1,179,506 | — | — | 1,179,506 | ||||||||||||||||
Accrued interest receivable | 6,307 | 6,307 | — | 1,500 | 4,807 | ||||||||||||||||
Interest rate swaps | 41 | 41 | — | 41 | — | ||||||||||||||||
Interest rate locks and forward loan sale commitments | 39 | 39 | — | 39 | — | ||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Deposits | 1,767,930 | 1,768,997 | — | 1,768,997 | — | ||||||||||||||||
Retail repurchase agreements | 5,152 | 5,152 | — | 5,152 | — | ||||||||||||||||
Federal Home Loan Bank advances | 73,271 | 76,224 | — | 76,224 | — | ||||||||||||||||
Long-term notes payable | 5,281 | 5,281 | — | — | 5,281 | ||||||||||||||||
Junior subordinated debentures | 56,702 | 22,973 | — | — | 22,973 | ||||||||||||||||
Accrued interest payable | 2,868 | 2,868 | — | 378 | 2,490 | ||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
(dollars in thousands) | Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 67,430 | $ | 67,430 | $ | 67,430 | $ | — | $ | — | |||||||||||
Investment securities: Available-for-sale | 414,614 | 414,614 | 2,737 | 411,877 | — | ||||||||||||||||
Investment securities: Held-to-maturity | 151,795 | 141,125 | 141,125 | — | |||||||||||||||||
Loans held for sale | 1,836 | 1,836 | — | 1,836 | — | ||||||||||||||||
Loans, net | 1,185,463 | 1,129,826 | — | — | 1,129,826 | ||||||||||||||||
Accrued interest receivable | 6,283 | 6,283 | — | 1,583 | 4,700 | ||||||||||||||||
Interest rate locks and forward loan sale commitments | 39 | 39 | — | 39 | — | ||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Deposits | 1,748,705 | 1,748,685 | — | 1,748,685 | — | ||||||||||||||||
Retail repurchase agreements | 6,917 | 6,917 | — | 6,917 | — | ||||||||||||||||
Federal Home Loan Bank advances | 73,283 | 75,663 | — | 75,663 | — | ||||||||||||||||
Long-term notes payable | 5,263 | 5,263 | — | — | 5,263 | ||||||||||||||||
Junior subordinated debentures | 56,702 | 22,316 | — | — | 22,316 | ||||||||||||||||
Accrued interest payable | 2,624 | 2,624 | — | 389 | 2,235 | ||||||||||||||||
Continuing operations [Member] | ' | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ||||||||||||||||||||
Fair Value Measurements, Nonrecurring | ' | ||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis are included in the following table at March 31, 2014: | |||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Impaired loans, net | $ | 6,993 | $ | — | $ | — | $ | 6,993 | |||||||||||||
Other real estate owned | 17,840 | — | — | 17,840 | |||||||||||||||||
Total assets at fair value from continuing operations | $ | 24,833 | $ | — | $ | — | $ | 24,833 | |||||||||||||
Assets measured at fair value on a nonrecurring basis are included in the following table at December 31, 2013: | |||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Impaired loans, net | $ | 2,038 | $ | — | $ | — | $ | 2,038 | |||||||||||||
Other real estate owned | 18,263 | — | — | 18,263 | |||||||||||||||||
Total assets at fair value from continuing operations | $ | 20,301 | $ | — | $ | — | $ | 20,301 | |||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
The following tables present the changes in our accumulated other comprehensive income (loss), net of tax, by component for the periods indicated: | |||||||||||||||||
(Dollars in thousands) | Unrealized Gains (Losses) on Available-For-Sale Securities | Interest Rate Swaps | Defined Benefit Plan Items | Total | |||||||||||||
Beginning balance January 1, 2014 | $ | (14,476 | ) | $ | — | $ | (3,129 | ) | $ | (17,605 | ) | ||||||
Other comprehensive income before reclassifications | 3,267 | 25 | — | 3,292 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | — | |||||||||||||
Net current period other comprehensive income | 3,267 | 25 | — | 3,292 | |||||||||||||
Ending balance March 31, 2014 | $ | (11,209 | ) | $ | 25 | $ | (3,129 | ) | $ | (14,313 | ) | ||||||
(Dollars in thousands) | Unrealized Gains (Losses) on Available-For-Sale Securities | Defined Benefit Plan Items | Total | ||||||||||||||
Beginning balance January 1, 2013 | $ | 3,650 | $ | (3,973 | ) | $ | (323 | ) | |||||||||
Other comprehensive loss before reclassifications | (2,985 | ) | — | (2,985 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | (1,438 | ) | (154 | ) | (1,592 | ) | |||||||||||
Net current period other comprehensive loss | (4,423 | ) | (154 | ) | (4,577 | ) | |||||||||||
Ending balance March 31, 2013 | $ | (773 | ) | $ | (4,127 | ) | $ | (4,900 | ) | ||||||||
Reclassifications out of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
The following table presents the reclassifications out of our accumulated other comprehensive income (loss) for the three months ended March 31, 2014 and 2013: | |||||||||||||||||
(Dollars in thousands) | Amount Reclassified from AOCI | ||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | Line Item in the Consolidated Statement of Operations | |||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Net realized gains on sale of securities | $ | — | $ | (2,377 | ) | Securities gains, net | |||||||||||
Income tax (benefit) expense | — | 939 | Income tax expense | ||||||||||||||
Total, net of tax | — | (1,438 | ) | ||||||||||||||
Defined benefit plan items: | |||||||||||||||||
Net actuarial gains | — | (254 | ) | Personnel expense | |||||||||||||
Income tax (benefit) expense | — | 100 | Income tax expense | ||||||||||||||
Total, net of tax | — | (154 | ) | ||||||||||||||
Total reclassifications for the period | $ | — | $ | (1,592 | ) | ||||||||||||
Investment_Securities_Details
Investment Securities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Available-for-sale Securities [Abstract] | ' | ' | |
Amortized cost | $420,619 | $438,057 | [1] |
Gross unrealized gains | 2,921 | 3,048 | |
Gross unrealized losses | 21,072 | 26,491 | |
Estimated fair value | 402,468 | 414,614 | [1] |
Held-to-maturity Securities [Abstract] | ' | ' | |
Amortized cost | 149,060 | 151,795 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 8,058 | 10,670 | |
Estimated fair value | 141,002 | 141,125 | [1] |
Amortized cost, Total | 569,679 | 589,852 | |
Gross unrealized gains, Total | 2,921 | 3,048 | |
Gross unrealized losses, Total | 29,130 | 37,161 | |
Estimated fair value, Total | 543,470 | 555,739 | |
Obligations of U.S. government sponsored enterprises [Member] | ' | ' | |
Available-for-sale Securities [Abstract] | ' | ' | |
Amortized cost | 2,045 | 2,051 | |
Gross unrealized gains | 25 | 26 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | 2,070 | 2,077 | |
Residential mortgage-backed securities - GSE [Member] | ' | ' | |
Available-for-sale Securities [Abstract] | ' | ' | |
Amortized cost | 356,022 | 364,513 | |
Gross unrealized gains | 971 | 974 | |
Gross unrealized losses | 19,429 | 24,340 | |
Estimated fair value | 337,564 | 341,147 | |
Held-to-maturity Securities [Abstract] | ' | ' | |
Amortized cost | 138,991 | 141,724 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 7,564 | 9,907 | |
Estimated fair value | 131,427 | 131,817 | |
Residential mortgage-backed securities - Private [Member] | ' | ' | |
Available-for-sale Securities [Abstract] | ' | ' | |
Amortized cost | 19,338 | 19,770 | |
Gross unrealized gains | 953 | 982 | |
Gross unrealized losses | 9 | 0 | |
Estimated fair value | 20,282 | 20,752 | |
Commercial mortgage-backed securities - GSE [Member] | ' | ' | |
Available-for-sale Securities [Abstract] | ' | ' | |
Amortized cost | 22,670 | 22,767 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 1,080 | 1,328 | |
Estimated fair value | 21,590 | 21,439 | |
Commercial mortgage-backed securities - Private [Member] | ' | ' | |
Available-for-sale Securities [Abstract] | ' | ' | |
Amortized cost | 10,398 | 10,408 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 554 | 823 | |
Estimated fair value | 9,844 | 9,585 | |
Held-to-maturity Securities [Abstract] | ' | ' | |
Amortized cost | 10,069 | 10,071 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 494 | 763 | |
Estimated fair value | 9,575 | 9,308 | |
Business Development Company investment [Member] | ' | ' | |
Available-for-sale Securities [Abstract] | ' | ' | |
Amortized cost | 1,753 | 1,753 | |
Gross unrealized gains | 898 | 984 | |
Gross unrealized losses | 0 | ' | |
Estimated fair value | 2,651 | 2,737 | |
Corporate notes [Member] | ' | ' | |
Available-for-sale Securities [Abstract] | ' | ' | |
Amortized cost | 8,393 | 16,795 | |
Gross unrealized gains | 74 | 82 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | $8,467 | $16,877 | |
[1] | Derived from audited consolidated financial statements |
Investment_Securities_Other_Di
Investment Securities (Other Disclosures) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
FHLB stock | $5,100,000 | ' | $5,900,000 |
FRBR stock | 4,300,000 | ' | 4,300,000 |
Investment securities portfolio available as lendable collateral | 364,000,000 | ' | ' |
Book value of securities sold | ' | 145,900,000 | ' |
Gain on securities sold | 0 | 2,377,000 | ' |
Deposits [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Investment securities portfolio pledged as collateral | 90,200,000 | ' | ' |
Retail repurchase agreements [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Investment securities portfolio pledged as collateral | 18,300,000 | ' | ' |
Others [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Investment securities portfolio pledged as collateral | $76,500,000 | ' | ' |
Investment_Securities_Continuo
Investment Securities (Continuous Unrealized Loss Position) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | securities | securities |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Less than 12 months, estimated fair value | $175,453 | $232,060 |
Less than 12 months, gross unrealized losses | 9,538 | 17,408 |
12 months or more, estimated fair value | 155,290 | 97,940 |
12 months or more, gross unrealized losses | 11,534 | 9,083 |
Total, estimated fair value | 330,743 | 330,000 |
Total, gross unrealized losses | 21,072 | 26,491 |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Less than 12 months, estimated fair value | 141,002 | 141,125 |
Less than 12 months, gross unrealized losses | 8,058 | 10,670 |
12 months or more, estimated fair value | 0 | 0 |
12 months or more, gross unrealized losses | 0 | 0 |
Total, estimated fair value | 141,002 | 141,125 |
Total, gross unrealized losses | 8,058 | 10,670 |
Continuous Unrealized Loss Position [Abstract] | ' | ' |
Less than 12 months, estimated fair value | 316,455 | 373,185 |
Less than 12 months, gross unrealized losses | 17,596 | 28,078 |
12 months or more, estimated fair value | 155,290 | 97,940 |
12 months or more, gross unrealized losses | 11,534 | 9,083 |
Total, estimated fair value | 471,745 | 471,125 |
Total, gross unrealized losses | 29,130 | 37,161 |
12 months or more, number of securities | 14 | 10 |
Residential mortgage-backed securities - GSE [Member] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Less than 12 months, estimated fair value | 164,313 | 222,475 |
Less than 12 months, gross unrealized losses | 8,975 | 16,585 |
12 months or more, estimated fair value | 133,699 | 76,501 |
12 months or more, gross unrealized losses | 10,454 | 7,755 |
Total, estimated fair value | 298,012 | 298,976 |
Total, gross unrealized losses | 19,429 | 24,340 |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Less than 12 months, estimated fair value | 131,427 | 131,817 |
Less than 12 months, gross unrealized losses | 7,564 | 9,907 |
12 months or more, estimated fair value | 0 | 0 |
12 months or more, gross unrealized losses | 0 | 0 |
Total, estimated fair value | 131,427 | 131,817 |
Total, gross unrealized losses | 7,564 | 9,907 |
Residential mortgage-backed securities - Private [Member] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Less than 12 months, estimated fair value | 1,297 | ' |
Less than 12 months, gross unrealized losses | 9 | ' |
12 months or more, estimated fair value | 0 | ' |
12 months or more, gross unrealized losses | 0 | ' |
Total, estimated fair value | 1,297 | ' |
Total, gross unrealized losses | 9 | ' |
Commercial mortgage-backed securities - GSE [Member] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Less than 12 months, estimated fair value | 0 | 0 |
Less than 12 months, gross unrealized losses | 0 | 0 |
12 months or more, estimated fair value | 21,591 | 21,439 |
12 months or more, gross unrealized losses | 1,080 | 1,328 |
Total, estimated fair value | 21,591 | 21,439 |
Total, gross unrealized losses | 1,080 | 1,328 |
Commercial mortgage-backed securities - Private [Member] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Less than 12 months, estimated fair value | ' | 9,585 |
Less than 12 months, gross unrealized losses | ' | 823 |
12 months or more, estimated fair value | ' | 0 |
12 months or more, gross unrealized losses | ' | 0 |
Total, estimated fair value | ' | 9,585 |
Total, gross unrealized losses | ' | 823 |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Less than 12 months, estimated fair value | 9,575 | 9,308 |
Less than 12 months, gross unrealized losses | 494 | 763 |
12 months or more, estimated fair value | 0 | 0 |
12 months or more, gross unrealized losses | 0 | 0 |
Total, estimated fair value | 9,575 | 9,308 |
Total, gross unrealized losses | 494 | 763 |
Corporate notes [Member] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Less than 12 months, estimated fair value | 9,843 | ' |
Less than 12 months, gross unrealized losses | 554 | ' |
12 months or more, estimated fair value | 0 | ' |
12 months or more, gross unrealized losses | 0 | ' |
Total, estimated fair value | 9,843 | ' |
Total, gross unrealized losses | $554 | ' |
Investment_Securities_Maturity
Investment Securities (Maturity Schedule) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Amortized Cost | ' | ' | |
Due in one year or less, amortized cost | $8,393 | ' | |
Due after one year through five years, amortized cost | 2,045 | ' | |
Due after ten years, amortized cost | 1,753 | ' | |
Total, amortized cost | 12,191 | ' | |
Mortgage-backed securities, amortized cost | 408,428 | ' | |
Total, amortized cost | 420,619 | ' | |
Estimated Fair Value | ' | ' | |
Due in one year or less, estimated fair value | 8,467 | ' | |
Due after one year through five years, estimated fair value | 2,070 | ' | |
Due after ten years, estimated fair value | 2,652 | ' | |
Total, estimated fair value | 13,189 | ' | |
Mortgage-backed securities, estimated fair value | 389,279 | ' | |
Estimated fair value | 402,468 | 414,614 | [1] |
Amortized Cost | ' | ' | |
Mortgage-backed securities, amortized cost | 149,060 | ' | |
Total, amortized cost | 149,060 | 151,795 | [1] |
Estimated Fair Value | ' | ' | |
Mortgage-backed securities, estimated fair value | 141,002 | ' | |
Estimated fair value | $141,002 | $141,125 | [1] |
[1] | Derived from audited consolidated financial statements |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Financing Receivable [Line Items] | ' | ' | ' | ||
Allowance for Loan and Lease Losses, Write-offs | $1,977 | $3,010 | ' | ||
Allowance for Loan Losses, Recovery | 1,915 | 3,227 | ' | ||
Allowance for Loan and Lease Losses, Net Write-downs | $62 | ($217) | ' | ||
Loans and Leases Receivable, Ratio, Allowance for Loan and Lease Losses to Loans and Leases Receivables | 2.13% | [1] | 2.66% | [1] | 2.21% |
[1] | For Three Months Ended(dollars in thousands)B MarchB 31, 2014B MarchB 31, 2013Balance, beginning of periodB $26,785B $29,314Provision for (recovery of) losses charged to continuing operationsB (684)B 110Net recoveries (charge-offs): Charge-offsB (1,977)B (3,010)RecoveriesB 1,915B 3,227Net recoveries (charge-offs)B (62)B 217Balance, end of periodB $26,039B $29,641Annualized net charge-offs (recoveries) during the period to average loansB 0.02%B (0.08)%Annualized net charge-offs (recoveries) during the period to ALLB 0.97%B (2.93)%Allowance for loan losses to loans held for investmentB 2.13%B 2.66B % |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses (Past Due Status) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | |
30 - 59 days past due | $6,482 | $6,588 | |
60 - 89 days past due | 522 | 1,318 | |
More than 90 days past due | 25,097 | 25,133 | |
Nonaccrual | 33,603 | 35,165 | |
Total past due and nonaccrual | 65,704 | 68,204 | |
Current and accruing | 1,154,081 | 1,144,044 | |
Loans held for investment | 1,219,785 | 1,212,248 | [1] |
Commercial and agricultural [Member] | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | |
Loans held for investment | 75,978 | 72,252 | |
Real estate - construction [Member] | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | |
Loans held for investment | 67,304 | 64,083 | |
Real estate - mortgage, 1-4 family residential [Member] | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | |
Loans held for investment | 631,774 | 636,107 | |
Real estate - mortgage, commercial [Member] | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | |
Loans held for investment | 396,110 | 394,924 | |
Consumer [Member] | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | |
Loans held for investment | 48,619 | 44,882 | |
PC [Member] | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | |
30 - 59 days past due | 6,069 | 5,461 | |
60 - 89 days past due | 327 | 1,293 | |
More than 90 days past due | 355 | 0 | |
Nonaccrual | 33,603 | 35,165 | |
Total past due and nonaccrual | 40,354 | 41,919 | |
Current and accruing | 1,030,398 | 1,008,677 | |
Loans held for investment | 1,070,752 | 1,050,596 | |
PC [Member] | Commercial and agricultural [Member] | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | |
30 - 59 days past due | 43 | 18 | |
60 - 89 days past due | 0 | 43 | |
More than 90 days past due | 0 | 0 | |
Nonaccrual | 450 | 516 | |
Total past due and nonaccrual | 493 | 577 | |
Current and accruing | 65,763 | 60,946 | |
Loans held for investment | 66,256 | 61,523 | |
PC [Member] | Real estate - construction [Member] | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | |
30 - 59 days past due | 68 | 168 | |
60 - 89 days past due | 0 | 634 | |
More than 90 days past due | 0 | 0 | |
Nonaccrual | 3,437 | 4,677 | |
Total past due and nonaccrual | 3,505 | 5,479 | |
Current and accruing | 52,599 | 48,711 | |
Loans held for investment | 56,104 | 54,190 | |
PC [Member] | Real estate - mortgage, 1-4 family residential [Member] | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | |
30 - 59 days past due | 4,130 | 3,454 | |
60 - 89 days past due | 0 | 522 | |
More than 90 days past due | 0 | 0 | |
Nonaccrual | 10,151 | 11,580 | |
Total past due and nonaccrual | 14,281 | 15,556 | |
Current and accruing | 597,094 | 593,698 | |
Loans held for investment | 611,375 | 609,254 | |
PC [Member] | Real estate - mortgage, commercial [Member] | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | |
30 - 59 days past due | 1,760 | 1,765 | |
60 - 89 days past due | 324 | 77 | |
More than 90 days past due | 355 | 0 | |
Nonaccrual | 19,533 | 18,380 | |
Total past due and nonaccrual | 21,972 | 20,222 | |
Current and accruing | 267,586 | 261,524 | |
Loans held for investment | 289,558 | 281,746 | |
PC [Member] | Consumer [Member] | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | |
30 - 59 days past due | 68 | 56 | |
60 - 89 days past due | 3 | 17 | |
More than 90 days past due | 0 | 0 | |
Nonaccrual | 32 | 12 | |
Total past due and nonaccrual | 103 | 85 | |
Current and accruing | 47,356 | 43,798 | |
Loans held for investment | 47,459 | 43,883 | |
PI [Member] | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | |
30 - 59 days past due | 413 | 1,127 | |
60 - 89 days past due | 195 | 25 | |
More than 90 days past due | 24,742 | 25,133 | |
Nonaccrual | 0 | 0 | |
Total past due and nonaccrual | 25,350 | 26,285 | |
Current and accruing | 123,683 | 135,367 | |
Loans held for investment | 149,033 | 161,652 | |
PI [Member] | Commercial and agricultural [Member] | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | |
30 - 59 days past due | 97 | 35 | |
60 - 89 days past due | 0 | 16 | |
More than 90 days past due | 2,354 | 1,977 | |
Nonaccrual | 0 | 0 | |
Total past due and nonaccrual | 2,451 | 2,028 | |
Current and accruing | 7,271 | 8,701 | |
Loans held for investment | 9,722 | 10,729 | |
PI [Member] | Real estate - construction [Member] | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | |
30 - 59 days past due | 54 | 48 | |
60 - 89 days past due | 0 | 0 | |
More than 90 days past due | 4,569 | 2,758 | |
Nonaccrual | 0 | 0 | |
Total past due and nonaccrual | 4,623 | 2,806 | |
Current and accruing | 6,577 | 7,087 | |
Loans held for investment | 11,200 | 9,893 | |
PI [Member] | Real estate - mortgage, 1-4 family residential [Member] | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | |
30 - 59 days past due | 137 | 135 | |
60 - 89 days past due | 195 | 9 | |
More than 90 days past due | 2,366 | 2,907 | |
Nonaccrual | 0 | 0 | |
Total past due and nonaccrual | 2,698 | 3,051 | |
Current and accruing | 17,701 | 23,802 | |
Loans held for investment | 20,399 | 26,853 | |
PI [Member] | Real estate - mortgage, commercial [Member] | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | |
30 - 59 days past due | 123 | 903 | |
60 - 89 days past due | 0 | 0 | |
More than 90 days past due | 15,440 | 17,479 | |
Nonaccrual | 0 | 0 | |
Total past due and nonaccrual | 15,563 | 18,382 | |
Current and accruing | 90,989 | 94,796 | |
Loans held for investment | 106,552 | 113,178 | |
PI [Member] | Consumer [Member] | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | |
30 - 59 days past due | 2 | 6 | |
60 - 89 days past due | 0 | 0 | |
More than 90 days past due | 13 | 12 | |
Nonaccrual | 0 | 0 | |
Total past due and nonaccrual | 15 | 18 | |
Current and accruing | 1,145 | 981 | |
Loans held for investment | $1,160 | $999 | |
[1] | Derived from audited consolidated financial statements |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses (Credit Quality Indicator) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | $1,219,785,000 | $1,212,248,000 | [1] |
Loans and Leases Receivable, Deferred Income | -3,300,000 | 3,600,000 | |
Servicing Assets, Unconsolidated Loans Serviced, Unpaid Principal Balance | 201,500,000 | 190,200,000 | |
Commercial and agricultural [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 75,978,000 | 72,252,000 | |
Real estate - construction [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 67,304,000 | 64,083,000 | |
Real estate - mortgage, 1-4 family residential [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 631,774,000 | 636,107,000 | |
Real estate - mortgage, commercial [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 396,110,000 | 394,924,000 | |
Consumer [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 48,619,000 | 44,882,000 | |
Substandard or Doubtful [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans purchased in the Merger | 38,700,000 | 40,500,000 | |
Pass [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 1,085,718,000 | 1,070,830,000 | |
Pass [Member] | Commercial and agricultural [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 70,782,000 | 67,277,000 | |
Pass [Member] | Real estate - construction [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 54,331,000 | 50,138,000 | |
Pass [Member] | Real estate - mortgage, 1-4 family residential [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 601,449,000 | 601,304,000 | |
Pass [Member] | Real estate - mortgage, commercial [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 310,951,000 | 307,661,000 | |
Pass [Member] | Consumer [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 48,205,000 | 44,450,000 | |
Special Mention [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 43,194,000 | 45,884,000 | |
Special Mention [Member] | Commercial and agricultural [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 1,180,000 | 1,262,000 | |
Special Mention [Member] | Real estate - construction [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 3,275,000 | 3,984,000 | |
Special Mention [Member] | Real estate - mortgage, 1-4 family residential [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 9,234,000 | 10,887,000 | |
Special Mention [Member] | Real estate - mortgage, commercial [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 29,466,000 | 29,711,000 | |
Special Mention [Member] | Consumer [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 39,000 | 40,000 | |
Substandard [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 90,564,000 | 95,189,000 | |
Substandard [Member] | Commercial and agricultural [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 4,016,000 | 3,713,000 | |
Substandard [Member] | Real estate - construction [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 9,698,000 | 9,961,000 | |
Substandard [Member] | Real estate - mortgage, 1-4 family residential [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 21,091,000 | 23,916,000 | |
Substandard [Member] | Real estate - mortgage, commercial [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 55,693,000 | 57,552,000 | |
Substandard [Member] | Consumer [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 66,000 | 47,000 | |
Doubtful [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 309,000 | 345,000 | |
Doubtful [Member] | Commercial and agricultural [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 0 | 0 | |
Doubtful [Member] | Real estate - construction [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 0 | 0 | |
Doubtful [Member] | Real estate - mortgage, 1-4 family residential [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 0 | 0 | |
Doubtful [Member] | Real estate - mortgage, commercial [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | 0 | 0 | |
Doubtful [Member] | Consumer [Member] | ' | ' | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | |
Loans held for investment | $309,000 | $345,000 | |
[1] | Derived from audited consolidated financial statements |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses (Loans Pledged) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Loans Receivable, Net [Abstract] | ' | ' |
Loans pledged to collateralize FHLB advances and letters of credit | $154.20 | $169.50 |
Pledged financial instruments, Not separately reported, securities, for Federal Home Loan Bank debt | 23.9 | 24.1 |
Credit availability for borrowing under FHLB advances and letters of credit | 29.7 | 31.8 |
Loans pledged to collateralize potential borrowings from Federal Reserve Discount Window | 8.8 | ' |
Pledged Financial Instruments, Not Separately Reported, investment securities, for Federal Reserve Bank | 50.5 | ' |
Borrowing capacity under Federal Reserve Discount Window | 54.1 | ' |
Federal Home Loan Bank Advances and Line of Credit, Amount of Available Borrowing | $292.90 | ' |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses (Impaired Loans) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Impaired loans, no individually reviewed for impairment | $4,670,000 | $4,612,000 | ||
Impaired loans, individually reviewed, with no impairment | 33,317,000 | 39,865,000 | ||
Impaired loans, individually reviewed, with impairment | 8,112,000 | 2,965,000 | ||
Total impaired loans, excluding purchased impaired | 46,099,000 | [1] | 47,442,000 | [1] |
Purchased impaired loans with subsequent deterioration | 138,789,000 | 161,307,000 | ||
Purchased impaired loans with no subsequent deterioration | 10,244,000 | 344,000 | ||
Impaired loan, individually reviewed, with impairment, associated reserves | 1,119,000 | [1] | 927,000 | [1] |
Purchased impaired loans with subsequent deterioration, associated reserves | 5,237,000 | 5,560,000 | ||
Impaired financing receivable, including deteriorated loans purchased, related allowance | 6,356,000 | 6,487,000 | ||
Impaired financing receivable, simple average balance | 46,771,000 | 65,527,000 | ||
Restructured loans | 18,100,000 | 18,100,000 | ||
Performing [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Restructured loans | $12,500,000 | $12,100,000 | ||
[1] | * Included at March 31, 2014 and December 31, 2013 were $12.5 million and $12.1 million, respectively, in restructured and performing loans. |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses (Nonaccrual Status) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | |
Interest lost on nonaccrual loans | $1,000,000 | $1,100,000 | ' | |
Loans on nonaccrual status | 33,600,000 | ' | 35,200,000 | |
Loans held for investment on nonaccrual status | 33,603,000 | ' | 35,165,000 | |
Net loans held for investment | 1,193,746,000 | ' | 1,185,463,000 | [1] |
Nonperforming [Member] | ' | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | |
Loans held for investment on nonaccrual status | 33,603,000 | ' | 35,165,000 | |
90 or more days past due and accruing | 355,000 | ' | 0 | |
Net loans held for investment | 33,958,000 | ' | 35,165,000 | |
Nonperforming [Member] | Commercial and agricultural [Member] | ' | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | |
Loans held for investment on nonaccrual status | 450,000 | ' | 516,000 | |
Nonperforming [Member] | Real estate - construction [Member] | ' | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | |
Loans held for investment on nonaccrual status | 3,437,000 | ' | 4,677,000 | |
Nonperforming [Member] | Real estate - mortgage, 1-4 family residential [Member] | ' | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | |
Loans held for investment on nonaccrual status | 10,151,000 | ' | 11,580,000 | |
Nonperforming [Member] | Real estate - mortgage, commercial [Member] | ' | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | |
Loans held for investment on nonaccrual status | 19,533,000 | ' | 18,380,000 | |
Nonperforming [Member] | Consumer [Member] | ' | ' | ' | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | |
Loans held for investment on nonaccrual status | $32,000 | ' | $12,000 | |
[1] | Derived from audited consolidated financial statements |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses (Impaired Loans Disclosure) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance recorded, recorded investment | $33,317 | $39,865 |
With an allowance recorded, recorded investment | 8,112 | 2,965 |
Impaired Financing Receivable, Recorded Investment | 41,429 | 42,830 |
With no related allowance recorded, unpaid principal balance | 41,276 | 52,872 |
With an allowance recorded, unpaid principal balance | 9,718 | 3,032 |
Impaired Financing Receivable, Unpaid Principal Balance | 50,994 | 55,904 |
Related allowance | 1,119 | 927 |
Purchased impaired loans with subsequent deterioration | 138,789 | 161,307 |
Purchased impaired loans with subsequent credit deterioration, unpaid principal balance | 147,716 | 172,301 |
Purchased impaired loans with subsequent deterioration, related allowance | 5,237 | 5,560 |
Commercial and agricultural [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance recorded, recorded investment | 242 | 398 |
With an allowance recorded, recorded investment | 0 | 0 |
Impaired Financing Receivable, Recorded Investment | 242 | 398 |
With no related allowance recorded, unpaid principal balance | 485 | 643 |
With an allowance recorded, unpaid principal balance | 0 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance | 485 | 643 |
Related allowance | 0 | 0 |
Purchased impaired loans with subsequent deterioration | 5,425 | 10,729 |
Purchased impaired loans with subsequent credit deterioration, unpaid principal balance | 4,278 | 10,344 |
Purchased impaired loans with subsequent deterioration, related allowance | 638 | 382 |
Real estate - construction [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance recorded, recorded investment | 2,677 | 4,734 |
With an allowance recorded, recorded investment | 648 | 0 |
Impaired Financing Receivable, Recorded Investment | 3,325 | 4,734 |
With no related allowance recorded, unpaid principal balance | 3,195 | 8,893 |
With an allowance recorded, unpaid principal balance | 956 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance | 4,151 | 8,893 |
Related allowance | 73 | 0 |
Purchased impaired loans with subsequent deterioration | 9,946 | 9,792 |
Purchased impaired loans with subsequent credit deterioration, unpaid principal balance | 10,919 | 11,216 |
Purchased impaired loans with subsequent deterioration, related allowance | 1,148 | 1,015 |
Real estate - mortgage, 1-4 family residential [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance recorded, recorded investment | 9,064 | 11,154 |
With an allowance recorded, recorded investment | 3,920 | 2,965 |
Impaired Financing Receivable, Recorded Investment | 12,984 | 14,119 |
With no related allowance recorded, unpaid principal balance | 11,740 | 14,431 |
With an allowance recorded, unpaid principal balance | 4,207 | 3,032 |
Impaired Financing Receivable, Unpaid Principal Balance | 15,947 | 17,463 |
Related allowance | 561 | 927 |
Purchased impaired loans with subsequent deterioration | 16,031 | 26,628 |
Purchased impaired loans with subsequent credit deterioration, unpaid principal balance | 17,460 | 28,143 |
Purchased impaired loans with subsequent deterioration, related allowance | 390 | 724 |
Real estate - mortgage, commercial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance recorded, recorded investment | 21,334 | 23,579 |
With an allowance recorded, recorded investment | 3,544 | 0 |
Impaired Financing Receivable, Recorded Investment | 24,878 | 23,579 |
With no related allowance recorded, unpaid principal balance | 25,856 | 28,905 |
With an allowance recorded, unpaid principal balance | 4,555 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance | 30,411 | 28,905 |
Related allowance | 485 | 0 |
Purchased impaired loans with subsequent deterioration | 106,248 | 113,178 |
Purchased impaired loans with subsequent credit deterioration, unpaid principal balance | 114,322 | 121,813 |
Purchased impaired loans with subsequent deterioration, related allowance | 2,871 | 3,251 |
Consumer [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance recorded, recorded investment | 0 | 0 |
With an allowance recorded, recorded investment | 0 | 0 |
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
With no related allowance recorded, unpaid principal balance | 0 | 0 |
With an allowance recorded, unpaid principal balance | 0 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 0 |
Related allowance | 0 | 0 |
Purchased impaired loans with subsequent deterioration | 1,139 | 980 |
Purchased impaired loans with subsequent credit deterioration, unpaid principal balance | 737 | 785 |
Purchased impaired loans with subsequent deterioration, related allowance | $190 | $188 |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses (Impaired Loans, Average Recorded Investment and Interest Income Recognized) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance recorded, average recorded investment | $33,483 | $57,601 |
With no related allowance recorded, interest income recognized | 127 | 113 |
With an allowance recorded, average recorded investment | 8,031 | 16,357 |
With an allowance recorded, interest income recognized | 51 | 17 |
Impaired Financing Receivable, Average Recorded Investment | 41,514 | 73,958 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 178 | 130 |
Commercial and agricultural [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance recorded, average recorded investment | 242 | 886 |
With no related allowance recorded, interest income recognized | 0 | 0 |
With an allowance recorded, average recorded investment | 0 | 917 |
With an allowance recorded, interest income recognized | 0 | 5 |
Impaired Financing Receivable, Average Recorded Investment | 242 | 1,803 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 5 |
Real estate - construction [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance recorded, average recorded investment | 2,688 | 9,233 |
With no related allowance recorded, interest income recognized | 10 | 0 |
With an allowance recorded, average recorded investment | 650 | 2,111 |
With an allowance recorded, interest income recognized | 2 | 0 |
Impaired Financing Receivable, Average Recorded Investment | 3,338 | 11,344 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 12 | 0 |
Real estate - mortgage, 1-4 family residential [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance recorded, average recorded investment | 9,050 | 13,472 |
With no related allowance recorded, interest income recognized | 28 | 26 |
With an allowance recorded, average recorded investment | 3,829 | 4,666 |
With an allowance recorded, interest income recognized | 19 | 8 |
Impaired Financing Receivable, Average Recorded Investment | 12,879 | 18,138 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 47 | 34 |
Real estate - mortgage, commercial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance recorded, average recorded investment | 21,503 | 34,010 |
With no related allowance recorded, interest income recognized | 89 | 87 |
With an allowance recorded, average recorded investment | 3,552 | 8,663 |
With an allowance recorded, interest income recognized | 30 | 4 |
Impaired Financing Receivable, Average Recorded Investment | 25,055 | 42,673 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 119 | 91 |
Consumer [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance recorded, average recorded investment | 0 | 0 |
With no related allowance recorded, interest income recognized | 0 | 0 |
With an allowance recorded, average recorded investment | 0 | 0 |
With an allowance recorded, interest income recognized | 0 | 0 |
Impaired Financing Receivable, Average Recorded Investment | 0 | 0 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | $0 | $0 |
Recovered_Sheet1
Loans and Allowance for Loan Losses (Granite Purchased Loans) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||||
Financing Receivable [Line Items] | ' | ' | ' | ' | |
Allowance of loan losses | $26,039 | $26,785 | [1] | $29,641 | $29,314 |
Loans held for investment | 1,219,785 | 1,212,248 | [1] | ' | ' |
PI [Member] | ' | ' | ' | ' | |
Financing Receivable [Line Items] | ' | ' | ' | ' | |
Loans held for investment | 149,033 | 161,652 | ' | ' | |
PC [Member] | ' | ' | ' | ' | |
Financing Receivable [Line Items] | ' | ' | ' | ' | |
Loans held for investment | 1,070,752 | 1,050,596 | ' | ' | |
Granite Corp [Member] | ' | ' | ' | ' | |
Financing Receivable [Line Items] | ' | ' | ' | ' | |
Purchased impaired | 149,033 | 161,651 | 205,884 | 228,392 | |
Purchased contractual | 29,450 | 28,448 | ' | ' | |
Loans held for investment | 178,483 | 190,099 | ' | ' | |
Unpaid principal balance | 188,451 | 202,174 | ' | ' | |
Granite Corp [Member] | Commercial and agricultural [Member] | ' | ' | ' | ' | |
Financing Receivable [Line Items] | ' | ' | ' | ' | |
Purchased impaired | 9,722 | 10,729 | ' | ' | |
Purchased contractual | 4,044 | 5,948 | ' | ' | |
Loans held for investment | 13,766 | 16,677 | ' | ' | |
Unpaid principal balance | 12,654 | 16,452 | ' | ' | |
Granite Corp [Member] | Real estate - construction [Member] | ' | ' | ' | ' | |
Financing Receivable [Line Items] | ' | ' | ' | ' | |
Purchased impaired | 11,200 | 9,892 | ' | ' | |
Purchased contractual | 0 | 0 | ' | ' | |
Loans held for investment | 11,200 | 9,892 | ' | ' | |
Unpaid principal balance | 12,218 | 11,368 | ' | ' | |
Granite Corp [Member] | Real estate - mortgage, 1-4 family residential [Member] | ' | ' | ' | ' | |
Financing Receivable [Line Items] | ' | ' | ' | ' | |
Purchased impaired | 20,399 | 26,854 | ' | ' | |
Purchased contractual | 25,041 | 22,127 | ' | ' | |
Loans held for investment | 45,440 | 48,981 | ' | ' | |
Unpaid principal balance | 47,829 | 51,359 | ' | ' | |
Granite Corp [Member] | Real estate - mortgage, commercial [Member] | ' | ' | ' | ' | |
Financing Receivable [Line Items] | ' | ' | ' | ' | |
Purchased impaired | 106,552 | 113,178 | ' | ' | |
Purchased contractual | 365 | 373 | ' | ' | |
Loans held for investment | 106,917 | 113,551 | ' | ' | |
Unpaid principal balance | 114,984 | 122,197 | ' | ' | |
Granite Corp [Member] | Consumer [Member] | ' | ' | ' | ' | |
Financing Receivable [Line Items] | ' | ' | ' | ' | |
Purchased impaired | 1,160 | 998 | ' | ' | |
Purchased contractual | 0 | 0 | ' | ' | |
Loans held for investment | 1,160 | 998 | ' | ' | |
Unpaid principal balance | 766 | 798 | ' | ' | |
Granite Corp [Member] | PI [Member] | ' | ' | ' | ' | |
Financing Receivable [Line Items] | ' | ' | ' | ' | |
Allowance of loan losses | 5,200 | 5,600 | ' | ' | |
Granite Corp [Member] | PC [Member] | ' | ' | ' | ' | |
Financing Receivable [Line Items] | ' | ' | ' | ' | |
Allowance of loan losses | $300 | $300 | ' | ' | |
[1] | Derived from audited consolidated financial statements |
Recovered_Sheet2
Loans and Allowance for Loan Losses (Purchased Loans with Deteriorated Credit Quality) (Details) (Granite Corp [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Granite Corp [Member] | ' | ' |
Deterioarted Loans Acquired Movement Schedule [Roll Forward] | ' | ' |
Subtotal before allowance | $161,651 | $228,392 |
Accretion | 2,665 | 4,203 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Reclassification of Loans | -4,180 | 0 |
Payment received | -11,081 | -25,928 |
Foreclosed and transferred to OREO | -22 | -783 |
Subtotal before allowance | 149,033 | 205,884 |
Subtotal before provision | -5,237 | -5,373 |
Balance, end of period | 143,796 | 200,511 |
Deteriorated Loans Acquired, Accretable Yield Movement Schedule [Roll Forward] | ' | ' |
Future accretion balance, beginning of period | 29,987 | 30,299 |
Accretion | -2,665 | -4,203 |
Increase in future accretion | 1,005 | 0 |
Future accretion balance, end of period | $28,327 | $26,096 |
Recovered_Sheet3
Loans and Allowance for Loan Losses (Allowance for Loan Losses) (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Balance, beginning of period | $26,785 | [1] | $29,314 | ' | |
Provision for (recovery of) loan losses | -684 | 110 | ' | ||
Charge-offs | -1,977 | -3,010 | ' | ||
Recoveries | 1,915 | 3,227 | ' | ||
Net charge-offs | -62 | 217 | ' | ||
Balance, end of period | 26,039 | 29,641 | ' | ||
Annualized net charge-offs during the period to average loans | 0.02% | -0.08% | ' | ||
Annualized net charge-offs during the period to ALL | 0.97% | -2.93% | ' | ||
Allowance for loan losses to loans held for investment | 2.13% | [2] | 2.66% | [2] | 2.21% |
Continuing operations [Member] | ' | ' | ' | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Provision for (recovery of) loan losses | ($684) | $110 | ' | ||
[1] | Derived from audited consolidated financial statements | ||||
[2] | For Three Months Ended(dollars in thousands)B MarchB 31, 2014B MarchB 31, 2013Balance, beginning of periodB $26,785B $29,314Provision for (recovery of) losses charged to continuing operationsB (684)B 110Net recoveries (charge-offs): Charge-offsB (1,977)B (3,010)RecoveriesB 1,915B 3,227Net recoveries (charge-offs)B (62)B 217Balance, end of periodB $26,039B $29,641Annualized net charge-offs (recoveries) during the period to average loansB 0.02%B (0.08)%Annualized net charge-offs (recoveries) during the period to ALLB 0.97%B (2.93)%Allowance for loan losses to loans held for investmentB 2.13%B 2.66B % |
Recovered_Sheet4
Loans and Allowance for Loan Losses (Allowance for Loan Losses, by Segment Portfolio) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | $26,785 | $29,314 |
Charge-offs | -1,977 | -3,010 |
Recoveries | 1,915 | 3,227 |
Provision for losses charged to continuing operations | -684 | 110 |
Balance, end of period | 26,039 | 29,641 |
Commercial and agricultural [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | 2,931 | 3,238 |
Charge-offs | -389 | -319 |
Recoveries | 392 | 278 |
Provision for losses charged to continuing operations | 507 | 176 |
Balance, end of period | 3,441 | 3,373 |
Real estate - construction [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | 5,233 | 4,987 |
Charge-offs | -533 | -344 |
Recoveries | 964 | 796 |
Provision for losses charged to continuing operations | -356 | 155 |
Balance, end of period | 5,308 | 5,594 |
Real estate - mortgage, 1-4 family residential [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | 8,869 | 8,701 |
Charge-offs | -484 | -632 |
Recoveries | 235 | 185 |
Provision for losses charged to continuing operations | -697 | 549 |
Balance, end of period | 7,923 | 8,803 |
Real estate - mortgage, commercial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | 7,195 | 9,627 |
Charge-offs | -66 | -891 |
Recoveries | 66 | 932 |
Provision for losses charged to continuing operations | -229 | -377 |
Balance, end of period | 6,966 | 9,291 |
Consumer [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | 2,557 | 2,761 |
Charge-offs | -505 | -824 |
Recoveries | 258 | 1,036 |
Provision for losses charged to continuing operations | 91 | -393 |
Balance, end of period | $2,401 | $2,580 |
Recovered_Sheet5
Loans and Allowance for Loan Losses (Evaluation for Impairment) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | |
ALL, individually evaluated for impairment | $1,119 | $927 | ' | ' | |
ALL, collectively evaluated for impairment | 19,683 | 20,298 | ' | ' | |
ALL, PI loans evaluated for credit impairment | 5,237 | 5,560 | ' | ' | |
ALL, PI loans with no credit deterioration | 0 | 0 | ' | ' | |
Total ALL evaluated for impairment | 26,039 | 26,785 | 29,641 | 29,314 | |
Loans held for investment, individually evaluated for impairment | 41,443 | 42,830 | ' | ' | |
Loans held for investment, collectively evaluated for impairment | 1,029,309 | 1,007,767 | ' | ' | |
Loans held for investment, PI loans with subsequent credit deterioration | 138,789 | 161,307 | ' | ' | |
Loans held for investment, PI loans with no credit deterioration | 10,244 | 344 | ' | ' | |
Loans held for investment | 1,219,785 | 1,212,248 | [1] | ' | ' |
Commercial and agricultural [Member] | ' | ' | ' | ' | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | |
ALL, individually evaluated for impairment | 0 | 0 | ' | ' | |
ALL, collectively evaluated for impairment | 2,803 | 2,549 | ' | ' | |
ALL, PI loans evaluated for credit impairment | 638 | 382 | ' | ' | |
ALL, PI loans with no credit deterioration | 0 | 0 | ' | ' | |
Total ALL evaluated for impairment | 3,441 | 2,931 | 3,373 | 3,238 | |
Loans held for investment, individually evaluated for impairment | 242 | 398 | ' | ' | |
Loans held for investment, collectively evaluated for impairment | 66,014 | 61,125 | ' | ' | |
Loans held for investment, PI loans with subsequent credit deterioration | 5,425 | 10,729 | ' | ' | |
Loans held for investment, PI loans with no credit deterioration | 4,297 | 0 | ' | ' | |
Loans held for investment | 75,978 | 72,252 | ' | ' | |
Real estate - construction [Member] | ' | ' | ' | ' | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | |
ALL, individually evaluated for impairment | 73 | 0 | ' | ' | |
ALL, collectively evaluated for impairment | 4,087 | 4,218 | ' | ' | |
ALL, PI loans evaluated for credit impairment | 1,148 | 1,015 | ' | ' | |
ALL, PI loans with no credit deterioration | 0 | 0 | ' | ' | |
Total ALL evaluated for impairment | 5,308 | 5,233 | 5,594 | 4,987 | |
Loans held for investment, individually evaluated for impairment | 3,326 | 4,734 | ' | ' | |
Loans held for investment, collectively evaluated for impairment | 52,778 | 49,457 | ' | ' | |
Loans held for investment, PI loans with subsequent credit deterioration | 9,946 | 9,792 | ' | ' | |
Loans held for investment, PI loans with no credit deterioration | 1,254 | 100 | ' | ' | |
Loans held for investment | 67,304 | 64,083 | ' | ' | |
Real estate - mortgage, 1-4 family residential [Member] | ' | ' | ' | ' | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | |
ALL, individually evaluated for impairment | 561 | 927 | ' | ' | |
ALL, collectively evaluated for impairment | 6,972 | 7,218 | ' | ' | |
ALL, PI loans evaluated for credit impairment | 390 | 724 | ' | ' | |
ALL, PI loans with no credit deterioration | 0 | 0 | ' | ' | |
Total ALL evaluated for impairment | 7,923 | 8,869 | 8,803 | 8,701 | |
Loans held for investment, individually evaluated for impairment | 12,997 | 14,119 | ' | ' | |
Loans held for investment, collectively evaluated for impairment | 598,378 | 595,135 | ' | ' | |
Loans held for investment, PI loans with subsequent credit deterioration | 16,031 | 26,628 | ' | ' | |
Loans held for investment, PI loans with no credit deterioration | 4,368 | 225 | ' | ' | |
Loans held for investment | 631,774 | 636,107 | ' | ' | |
Real estate - mortgage, commercial [Member] | ' | ' | ' | ' | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | |
ALL, individually evaluated for impairment | 485 | 0 | ' | ' | |
ALL, collectively evaluated for impairment | 3,610 | 3,944 | ' | ' | |
ALL, PI loans evaluated for credit impairment | 2,871 | 3,251 | ' | ' | |
ALL, PI loans with no credit deterioration | 0 | 0 | ' | ' | |
Total ALL evaluated for impairment | 6,966 | 7,195 | 9,291 | 9,627 | |
Loans held for investment, individually evaluated for impairment | 24,878 | 23,579 | ' | ' | |
Loans held for investment, collectively evaluated for impairment | 264,680 | 258,167 | ' | ' | |
Loans held for investment, PI loans with subsequent credit deterioration | 106,248 | 113,178 | ' | ' | |
Loans held for investment, PI loans with no credit deterioration | 304 | 0 | ' | ' | |
Loans held for investment | 396,110 | 394,924 | ' | ' | |
Consumer [Member] | ' | ' | ' | ' | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | |
ALL, individually evaluated for impairment | 0 | 0 | ' | ' | |
ALL, collectively evaluated for impairment | 2,211 | 2,369 | ' | ' | |
ALL, PI loans evaluated for credit impairment | 190 | 188 | ' | ' | |
ALL, PI loans with no credit deterioration | 0 | 0 | ' | ' | |
Total ALL evaluated for impairment | 2,401 | 2,557 | 2,580 | 2,761 | |
Loans held for investment, individually evaluated for impairment | 0 | 0 | ' | ' | |
Loans held for investment, collectively evaluated for impairment | 47,459 | 43,883 | ' | ' | |
Loans held for investment, PI loans with subsequent credit deterioration | 1,139 | 980 | ' | ' | |
Loans held for investment, PI loans with no credit deterioration | 21 | 19 | ' | ' | |
Loans held for investment | $48,619 | $44,882 | ' | ' | |
[1] | Derived from audited consolidated financial statements |
Recovered_Sheet6
Loans and Allowance for Loan Losses (Troubled Debt Restructuring) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
loans | loans | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of loans | 6 | 5 |
Pre-modification outstanding recorded investment | $746 | $2,928 |
Post-modification outstanding recorded investment | 743 | 2,580 |
Loans modified, extended terms | 2 | ' |
Loans modified, interest rate modification | 4 | ' |
Commercial and agricultural [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of loans | 1 | 0 |
Pre-modification outstanding recorded investment | 11 | 0 |
Post-modification outstanding recorded investment | 11 | 0 |
Real estate - construction [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of loans | 0 | 0 |
Pre-modification outstanding recorded investment | 0 | 0 |
Post-modification outstanding recorded investment | 0 | 0 |
Real estate - mortgage, 1-4 family residential [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of loans | 5 | 4 |
Pre-modification outstanding recorded investment | 735 | 1,777 |
Post-modification outstanding recorded investment | 732 | 1,773 |
Real estate - mortgage, commercial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of loans | 0 | 1 |
Pre-modification outstanding recorded investment | 0 | 1,151 |
Post-modification outstanding recorded investment | 0 | 807 |
Consumer [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of loans | 0 | 0 |
Pre-modification outstanding recorded investment | 0 | 0 |
Post-modification outstanding recorded investment | $0 | $0 |
Recovered_Sheet7
Loans and Allowance for Loan Losses (Unfunded Commitment) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Letters of credit [Member] | ||
Unfunded Commitments [Line Items] | ' | ' | ' |
Expected usage percentage of remaining unfunded commitments | ' | ' | 10.00% |
Reserve for unfunded commitments | $0.60 | $0.50 | ' |
Other_Real_Estate_Owned_and_Pr2
Other Real Estate Owned and Property Acquired in Settlement of Loans (Details) (USD $) | 3 Months Ended | ||||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||
Repossessed Assets [Abstract] | ' | ' | ' | ' | |
Decrease in total OREO and foreclosed assets | $3,800,000 | ' | ' | ' | |
Total OREO and foreclosed assets as a percentage of total nonperforming assets | 42.00% | 45.00% | ' | ' | |
Real estate acquired in settlement of loans | 24,573,000 | 28,353,000 | 46,307,000 | 62,796,000 | |
Personal property acquired in settlement of loans | 51,000 | 42,000 | ' | ' | |
Total property acquired in settlement of loans | $24,624,000 | $28,395,000 | [1] | ' | ' |
[1] | Derived from audited consolidated financial statements |
Other_Real_Estate_Owned_and_Pr3
Other Real Estate Owned and Property Acquired in Settlement of Loans (Real Estate Owned) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
assets | ||
Real Estate Acquired Through Foreclosure [Roll Forward] | ' | ' |
Real estate acquired in settlement of loans, beginning of period | $28,353,000 | $62,796,000 |
Plus: New real estate acquired in settlement of loans | 268,000 | 3,969,000 |
Less: Sales of real estate acquired in settlement of loans | -3,774,000 | -20,239,000 |
Less: Write-downs and net loss on sales charged to expense | -274,000 | -219,000 |
Real estate acquired in settlement of loans, end of period | 24,573,000 | 46,307,000 |
Number of assets under contract for sale | 11 | ' |
Net carrying value of assets under contract for sale | $3,600,000 | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 22,742 | 23,123 |
Stock Options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 670 | 1,051 |
Warrant [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share | ' | 22,072 |
Earnings_Per_Share_EPS_Calcula
Earnings Per Share (EPS Calculation) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net income (loss) to common shareholders | $1,277 | ($4,596) |
Weighted average number of shares outstanding - basic and diluted | 21,935,566 | 21,698,115 |
Net loss per common share - basic and diluted | $0.06 | ($0.21) |
Derivatives_and_Financial_Inst2
Derivatives and Financial Instruments (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Derivative [Line Items] | ' | ' |
Number of interest rate swaps | 2 | ' |
Not designated as hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gain (loss) recognized in income | $3,000 | ($70,000) |
Not designated as hedges [Member] | Mortgage loan rate lock commitments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gain (loss) recognized in income | 2,000 | 8,000 |
Not designated as hedges [Member] | Mortgage loan forward sales and MBS [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gain (loss) recognized in income | 1,000 | -78,000 |
Federal Home Loan Bank Advances [Member] | Interest Rate Swap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount | 40,000,000 | ' |
Federal Home Loan Bank Advances [Member] | Interest Rate Swap 1 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount | 20,000,000 | ' |
Federal Home Loan Bank Advances [Member] | Interest Rate Swap 2 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount | 20,000,000 | ' |
Federal Home Loan Bank Advances [Member] | Designated as hedging instrument [Member] | Interest Rate Swap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gain (loss) recognized in income | $0 | $0 |
Fair_Values_of_Assets_and_Liab2
Fair Values of Assets and Liabilities (Measured on Recurring Basis) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | $402,468 | $414,614 | [1] |
U.S. government sponsored agencies debt securities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 2,070 | 2,077 | |
Residential mortgage-backed securities - GSE [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 337,564 | 341,147 | |
Residential mortgage-backed securities - Private [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 20,282 | 20,752 | |
Commercial mortgage-backed securities - GSE [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 21,590 | 21,439 | |
Commercial mortgage-backed securities - Private [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 9,844 | 9,585 | |
Business Development Company investment [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 2,651 | 2,737 | |
Corporate notes [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 8,467 | 16,877 | |
Level 1 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 2,651 | 2,737 | |
Level 2 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 399,817 | 411,877 | |
Level 3 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 0 | 0 | |
Recurring [Member] | Total [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 402,468 | 414,614 | |
Mortgage servicing rights | 1,587 | 1,552 | |
Total assets at fair value | 404,135 | 416,205 | |
Recurring [Member] | Total [Member] | U.S. government sponsored agencies debt securities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 2,070 | 2,077 | |
Recurring [Member] | Total [Member] | Residential mortgage-backed securities - GSE [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 337,564 | 341,147 | |
Recurring [Member] | Total [Member] | Residential mortgage-backed securities - Private [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 20,282 | 20,752 | |
Recurring [Member] | Total [Member] | Commercial mortgage-backed securities - GSE [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 21,590 | 21,439 | |
Recurring [Member] | Total [Member] | Commercial mortgage-backed securities - Private [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 9,844 | 9,585 | |
Recurring [Member] | Total [Member] | Business Development Company investment [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 2,651 | 2,737 | |
Recurring [Member] | Total [Member] | Corporate notes [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 8,467 | 16,877 | |
Recurring [Member] | Level 1 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 2,651 | 2,737 | |
Mortgage servicing rights | 0 | 0 | |
Total assets at fair value | 2,651 | 2,737 | |
Recurring [Member] | Level 1 [Member] | U.S. government sponsored agencies debt securities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Residential mortgage-backed securities - GSE [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Residential mortgage-backed securities - Private [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Commercial mortgage-backed securities - GSE [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | ' | 0 | |
Recurring [Member] | Level 1 [Member] | Commercial mortgage-backed securities - Private [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Business Development Company investment [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 2,651 | 2,737 | |
Recurring [Member] | Level 1 [Member] | Corporate notes [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 0 | 0 | |
Recurring [Member] | Level 2 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 399,817 | 411,877 | |
Mortgage servicing rights | 0 | 0 | |
Total assets at fair value | 399,897 | 411,916 | |
Recurring [Member] | Level 2 [Member] | U.S. government sponsored agencies debt securities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 2,070 | 2,077 | |
Recurring [Member] | Level 2 [Member] | Residential mortgage-backed securities - GSE [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 337,564 | 341,147 | |
Recurring [Member] | Level 2 [Member] | Residential mortgage-backed securities - Private [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 20,282 | 20,752 | |
Recurring [Member] | Level 2 [Member] | Commercial mortgage-backed securities - GSE [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 21,590 | 21,439 | |
Recurring [Member] | Level 2 [Member] | Commercial mortgage-backed securities - Private [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 9,844 | 9,585 | |
Recurring [Member] | Level 2 [Member] | Business Development Company investment [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 0 | 0 | |
Recurring [Member] | Level 2 [Member] | Corporate notes [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 8,467 | 16,877 | |
Recurring [Member] | Level 3 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 0 | 0 | |
Mortgage servicing rights | 1,587 | 1,552 | |
Total assets at fair value | 1,587 | 1,552 | |
Recurring [Member] | Level 3 [Member] | U.S. government sponsored agencies debt securities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Residential mortgage-backed securities - GSE [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Residential mortgage-backed securities - Private [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Commercial mortgage-backed securities - GSE [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | ' | 0 | |
Recurring [Member] | Level 3 [Member] | Commercial mortgage-backed securities - Private [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Business Development Company investment [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Corporate notes [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Available-for-sale investment securities | 0 | 0 | |
Interest Rate Swap [Member] | Level 1 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Derivative assets | 0 | ' | |
Interest Rate Swap [Member] | Level 2 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Derivative assets | 41 | ' | |
Interest Rate Swap [Member] | Level 3 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Derivative assets | 0 | ' | |
Interest Rate Swap [Member] | Recurring [Member] | Total [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Derivative assets | 41 | ' | |
Interest Rate Swap [Member] | Recurring [Member] | Level 1 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Derivative assets | 0 | ' | |
Interest Rate Swap [Member] | Recurring [Member] | Level 2 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Derivative assets | 41 | ' | |
Interest Rate Swap [Member] | Recurring [Member] | Level 3 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Derivative assets | 0 | ' | |
Interest Rate Locks and Forward Loan Sales Commitments [Member] | Level 1 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Derivative assets | 0 | ' | |
Interest Rate Locks and Forward Loan Sales Commitments [Member] | Level 2 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Derivative assets | 39 | ' | |
Interest Rate Locks and Forward Loan Sales Commitments [Member] | Level 3 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Derivative assets | 0 | ' | |
Interest Rate Locks and Forward Loan Sales Commitments [Member] | Recurring [Member] | Total [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Derivative assets | 39 | 39 | |
Interest Rate Locks and Forward Loan Sales Commitments [Member] | Recurring [Member] | Level 1 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Derivative assets | 0 | 0 | |
Interest Rate Locks and Forward Loan Sales Commitments [Member] | Recurring [Member] | Level 2 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Derivative assets | 39 | 39 | |
Interest Rate Locks and Forward Loan Sales Commitments [Member] | Recurring [Member] | Level 3 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | |
Derivative assets | $0 | $0 | |
[1] | Derived from audited consolidated financial statements |
Fair_Values_of_Assets_and_Liab3
Fair Values of Assets and Liabilities (Unobservable Inputs Reconciliations) (Details) (Recurring [Member], Level 3 [Member], Mortgage servicing rights [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Recurring [Member] | Level 3 [Member] | Mortgage servicing rights [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ' | ' |
Beginning balance | $1,552 | $726 |
Total gains or losses (realized/unrealized) included in earnings | 144 | 348 |
Less amortization | -109 | -46 |
Ending balance | $1,587 | $1,028 |
Fair_Values_of_Assets_and_Liab4
Fair Values of Assets and Liabilities (Measured on Nonrecurring Basis) (Details) (Continuing operations [Member], Nonrecurring [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Total [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans, net | $6,993 | $2,038 |
Other real estate owned | 17,840 | 18,263 |
Total assets at fair value | 24,833 | 20,301 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans, net | 0 | 0 |
Other real estate owned | 0 | 0 |
Total assets at fair value | 0 | 0 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans, net | 0 | 0 |
Other real estate owned | 0 | 0 |
Total assets at fair value | 0 | 0 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans, net | 6,993 | 2,038 |
Other real estate owned | 17,840 | 18,263 |
Total assets at fair value | $24,833 | $20,301 |
Fair_Values_of_Assets_and_Liab5
Fair Values of Assets and Liabilities (Quantitative Information about Level 3 Fair Value Measurements) (Details) (Level 3 [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Discounted Appraisal [Member] | ' | ' |
Fair Value Inputs, Quantitative Information [Line Items] | ' | ' |
Impaired loans, net | 6,993 | 2,038 |
Other real estate owned | 17,840 | 18,263 |
Discounted Cash Flows [Member] | ' | ' |
Fair Value Inputs, Quantitative Information [Line Items] | ' | ' |
Mortgage servicing rights | 1,587 | 1,552 |
Impaired loans [Member] | Discounted Appraisal [Member] | Lower range [Member] | ' | ' |
Fair Value Inputs, Quantitative Information [Line Items] | ' | ' |
Collateral discounts | 1.00% | 1.00% |
Impaired loans [Member] | Discounted Appraisal [Member] | Upper range [Member] | ' | ' |
Fair Value Inputs, Quantitative Information [Line Items] | ' | ' |
Collateral discounts | 30.00% | 30.00% |
Other real estate owned [Member] | Discounted Appraisal [Member] | Lower range [Member] | ' | ' |
Fair Value Inputs, Quantitative Information [Line Items] | ' | ' |
Collateral discounts | 1.00% | 1.00% |
Other real estate owned [Member] | Discounted Appraisal [Member] | Upper range [Member] | ' | ' |
Fair Value Inputs, Quantitative Information [Line Items] | ' | ' |
Collateral discounts | 30.00% | 30.00% |
Mortgage servicing rights [Member] | Discounted Cash Flows [Member] | Lower range [Member] | ' | ' |
Fair Value Inputs, Quantitative Information [Line Items] | ' | ' |
Prepayment rate | 10.00% | 10.00% |
Discount rate | 6.00% | 6.00% |
Mortgage servicing rights [Member] | Discounted Cash Flows [Member] | Upper range [Member] | ' | ' |
Fair Value Inputs, Quantitative Information [Line Items] | ' | ' |
Prepayment rate | 25.00% | 25.00% |
Discount rate | 10.00% | 10.00% |
Fair_Values_of_Assets_and_Liab6
Fair Values of Assets and Liabilities (Fair Value of Financial Instruments) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Fair Value, Balance Sheet [Line Items] | ' | ' | |
Available-for-sale investment securities | $402,468 | $414,614 | [1] |
Investment securities: Held-to-maturity | 141,002 | 141,125 | [1] |
Carrying value [Member] | ' | ' | |
Fair Value, Balance Sheet [Line Items] | ' | ' | |
Cash and cash equivalents | 104,951 | 67,430 | |
Available-for-sale investment securities | 402,468 | 414,614 | |
Investment securities: Held-to-maturity | 149,060 | 151,795 | |
Loans held for sale | 1,961 | 1,836 | |
Loans, net | 1,193,746 | 1,185,463 | |
Accrued interest receivable | 6,307 | 6,283 | |
Deposits | 1,767,930 | 1,748,705 | |
Retail repurchase agreements | 5,152 | 6,917 | |
Federal Home Loan Bank advances | 73,271 | 73,283 | |
Notes Payable, Noncurrent | 5,281 | 5,263 | |
Junior subordinated debentures | 56,702 | 56,702 | |
Accrued interest payable | 2,868 | 2,624 | |
Estimated fair value [Member] | ' | ' | |
Fair Value, Balance Sheet [Line Items] | ' | ' | |
Cash and cash equivalents | 104,951 | 67,430 | |
Available-for-sale investment securities | 402,468 | 414,614 | |
Investment securities: Held-to-maturity | 141,002 | 141,125 | |
Loans held for sale | 1,961 | 1,836 | |
Loans, net | 1,179,506 | 1,129,826 | |
Accrued interest receivable | 6,307 | 6,283 | |
Deposits | 1,768,997 | 1,748,685 | |
Retail repurchase agreements | 5,152 | 6,917 | |
Federal Home Loan Bank advances | 76,224 | 75,663 | |
Notes Payable, Noncurrent | 5,281 | 5,263 | |
Junior subordinated debentures | 22,973 | 22,316 | |
Accrued interest payable | 2,868 | 2,624 | |
Level 1 [Member] | ' | ' | |
Fair Value, Balance Sheet [Line Items] | ' | ' | |
Cash and cash equivalents | 104,951 | 67,430 | |
Available-for-sale investment securities | 2,651 | 2,737 | |
Investment securities: Held-to-maturity | 0 | ' | |
Loans held for sale | 0 | 0 | |
Loans, net | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Deposits | 0 | 0 | |
Retail repurchase agreements | 0 | 0 | |
Federal Home Loan Bank advances | 0 | 0 | |
Notes Payable, Noncurrent | 0 | 0 | |
Junior subordinated debentures | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Level 2 [Member] | ' | ' | |
Fair Value, Balance Sheet [Line Items] | ' | ' | |
Cash and cash equivalents | 0 | 0 | |
Available-for-sale investment securities | 399,817 | 411,877 | |
Investment securities: Held-to-maturity | 141,002 | 141,125 | |
Loans held for sale | 1,961 | 1,836 | |
Loans, net | 0 | 0 | |
Accrued interest receivable | 1,500 | 1,583 | |
Deposits | 1,768,997 | 1,748,685 | |
Retail repurchase agreements | 5,152 | 6,917 | |
Federal Home Loan Bank advances | 76,224 | 75,663 | |
Notes Payable, Noncurrent | 0 | 0 | |
Junior subordinated debentures | 0 | 0 | |
Accrued interest payable | 378 | 389 | |
Level 3 [Member] | ' | ' | |
Fair Value, Balance Sheet [Line Items] | ' | ' | |
Cash and cash equivalents | 0 | 0 | |
Available-for-sale investment securities | 0 | 0 | |
Investment securities: Held-to-maturity | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Loans, net | 1,179,506 | 1,129,826 | |
Accrued interest receivable | 4,807 | 4,700 | |
Deposits | 0 | 0 | |
Retail repurchase agreements | 0 | 0 | |
Federal Home Loan Bank advances | 0 | 0 | |
Notes Payable, Noncurrent | 5,281 | 5,263 | |
Junior subordinated debentures | 22,973 | 22,316 | |
Accrued interest payable | 2,490 | 2,235 | |
Interest Rate Swap [Member] | Carrying value [Member] | ' | ' | |
Fair Value, Balance Sheet [Line Items] | ' | ' | |
Derivative assets | 41 | ' | |
Interest Rate Swap [Member] | Estimated fair value [Member] | ' | ' | |
Fair Value, Balance Sheet [Line Items] | ' | ' | |
Derivative assets | 41 | ' | |
Interest Rate Swap [Member] | Level 1 [Member] | ' | ' | |
Fair Value, Balance Sheet [Line Items] | ' | ' | |
Derivative assets | 0 | ' | |
Interest Rate Swap [Member] | Level 2 [Member] | ' | ' | |
Fair Value, Balance Sheet [Line Items] | ' | ' | |
Derivative assets | 41 | ' | |
Interest Rate Swap [Member] | Level 3 [Member] | ' | ' | |
Fair Value, Balance Sheet [Line Items] | ' | ' | |
Derivative assets | 0 | ' | |
Interest Rate Locks and Forward Loan Sales Commitments [Member] | Carrying value [Member] | ' | ' | |
Fair Value, Balance Sheet [Line Items] | ' | ' | |
Derivative assets | 39 | ' | |
Interest Rate Locks and Forward Loan Sales Commitments [Member] | Estimated fair value [Member] | ' | ' | |
Fair Value, Balance Sheet [Line Items] | ' | ' | |
Derivative assets | 39 | ' | |
Interest Rate Locks and Forward Loan Sales Commitments [Member] | Level 1 [Member] | ' | ' | |
Fair Value, Balance Sheet [Line Items] | ' | ' | |
Derivative assets | 0 | ' | |
Interest Rate Locks and Forward Loan Sales Commitments [Member] | Level 2 [Member] | ' | ' | |
Fair Value, Balance Sheet [Line Items] | ' | ' | |
Derivative assets | 39 | ' | |
Interest Rate Locks and Forward Loan Sales Commitments [Member] | Level 3 [Member] | ' | ' | |
Fair Value, Balance Sheet [Line Items] | ' | ' | |
Derivative assets | $0 | ' | |
[1] | Derived from audited consolidated financial statements |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Beginning balance | ($17,605) | [1] | ($323) |
Other comprehensive income before reclassifications | 3,292 | -2,985 | |
Amounts reclassified from accumulated other comprehensive income | 0 | -1,592 | |
Other comprehensive income (loss), net of tax | 3,292 | -4,577 | |
Ending balance | -14,313 | -4,900 | |
Unrealized gains (losses) on available for sale securities [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Beginning balance | -14,476 | 3,650 | |
Other comprehensive income before reclassifications | 3,267 | -2,985 | |
Amounts reclassified from accumulated other comprehensive income | 0 | -1,438 | |
Other comprehensive income (loss), net of tax | 3,267 | -4,423 | |
Ending balance | -11,209 | -773 | |
Interest rate swaps | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Beginning balance | 0 | ' | |
Other comprehensive income before reclassifications | 25 | ' | |
Amounts reclassified from accumulated other comprehensive income | 0 | ' | |
Other comprehensive income (loss), net of tax | 25 | ' | |
Ending balance | 25 | ' | |
Defined benefit plan items [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Beginning balance | -3,129 | -3,973 | |
Other comprehensive income before reclassifications | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income | 0 | -154 | |
Other comprehensive income (loss), net of tax | 0 | -154 | |
Ending balance | ($3,129) | ($4,127) | |
[1] | Derived from audited consolidated financial statements |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income Reclassifications out of Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' |
Income tax expense | $23 | $1,853 |
Total, net of tax | -1,277 | 4,596 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' |
Total, net of tax | 0 | -1,592 |
Unrealized gains (losses) on available for sale securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' |
Net realized gains on sale of securities | 0 | -2,377 |
Income tax expense | 0 | 939 |
Total, net of tax | 0 | -1,438 |
Defined benefit plan items [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' |
Personnel expense | 0 | -254 |
Income tax expense | 0 | 100 |
Total, net of tax | $0 | ($154) |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | Apr. 30, 2014 |
Common Stock [Member] | ' |
Subsequent Event [Line Items] | ' |
Maximum shares up for sale | $20,000,000 |
Maximum shares up for resale, shares | 1,107,626 |
Shares issuable upon exercise of a warrant | 22,072 |
Forecast [Member] | Restricted Stock [Member] | ' |
Subsequent Event [Line Items] | ' |
Restricted stock expected to become non-transferable | 267,937 |